Aldar converts Dh34.6m sukuk to shares

Aldar Properties yesterday said it boosted its capital to Dh2.5 billion through a sukuk conversion. The company is pursuing investment projects worth nearly $70bn (Dh256bn).

The Abu Dhabi-based company said it had approved the capital increase through the conversion of Dh34.6 million Islamic bonds it had issued earlier.

"Around 34.6 million shares in the company shall be issued through of sukuk that the company has agreed to convert. The share capital of the company shall be increased to become Dh2.506bn," Aldar said in a letter to the Abu Dhabi Securities Exchange, where it is listed along with 60 other firms.

It was the latest in a series of capital increases by the company, which is locked in mega projects inside and outside the UAE. Aldar said last week it had issued a total conventional bonds and Islamic sukuk worth a total Dh40bn since last year. The last issue was around Dh3.5bn Islamic bonds early this month.