Issue No 296 - 26 Jan 2009
Union Properties to issue $680m bonds

UAE'S Union Properties said on Sunday its shareholders have approved the issuance of unconvertible bonds worth 2.5 billion dirham ($680.6 million) to strategic investors.

The firm said in December it planned to issue convertible bonds to strategic investors as securing project financing from banks becomes difficult during a global financial crisis.

Union did not give further details in a statement posted on the bourse website.

Source: Trade Arabia News

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