Aabar's EGM next month

Aabar Investments yesterday announced its decision to convene an extraordinary meeting of its general assembly early next month to decide on the issuance of convertible bonds.

The Aabar board called the meeting on August 3 after discussing the issuance of the bonds to a "strategic investor" in Abu Dhabi at its meeting on Monday, as previously reported by Emirates Business.

The general assembly will also decide on a proposal to issue convertible bonds to some employees within its incentive scheme to the staff members.

"The board has resolved to call for an extraordinary general assembly to be held on August 3 or at a later date to consider a proposal for the issuance of bonds convertible into shares to a strategic investor at a conversion price to be determined by the Board," Aabar said in a statement.

"The meeting will consider another board proposal to issue bonds convertible into shares to certain current and future employees of the company pursuant to an employee incentive scheme as shall be approved by the board."

It said the assembly would discuss authorising the board to determine all terms and conditions relating to those bonds.