Bank of Sharjah (BoS) yesterday said 395 bondholders converted about 487 million bonds, representing 97.49 per cent of the total, into equity shares.
 
The bank’s capital after the conversion stands at a little more than Dh1.73 billion, short by Dh12.28  million worth of bonds not converted by 35 bondholders.
The Sharjah-based bank’s equity has now reached Dh3.5bn, which will be used to support expansion plans and help organic growth without further recourse to capital.
The book value of the share after the successful conversion has increased to Dh2.
As on December 31, 2007, the total number of shareholders stood at 833 of which 19 held 75 per cent of the capital, 275 held 24 per cent and 558 a mere one per cent.