Aldar Properties the second-biggest UAE developer by market value, issued 16.4 million shares on Thursday from convertible bonds it sold earlier this year, the Abu Dhabi bourse said.
Aldar has until January 3 to issue another 13.97 million shares, the bourse said in a statement on its website on Thursday.
In February, Aldar sold $2.53 billion worth of Islamic bonds, or sukuk, convertible into shares to raise money for expansion.
Aldar shares were down 3.95 per cent at 0803 GMT. (Reuters)
Aldar issues 16.4 m shares from convertible bond