Dubai – Mubasher: Shuaa Capital obtained the board’s approval to launch a consent solicitation relating to amending terms and conditions for $150 million in its issued bonds.
In line with the listed company’s plans to enhance its capital structure, the proposal secured support from more than 25% of noteholders, according to a press release.
This step will also contribute to adjusting the existing debt repayment profile.
Subject to regulatory approvals, Shuaa Capital plans to convene a general assembly of shareholders to approve increasing its capital in order to achieve a sustainable capital structure.
The company seeks to right-size its balance sheet and facilitate the participation of new capital into the business.
Last year, the DFM-listed firm registered net losses valued at AED 866.13 million, an annual increase from AED 135.20 million.
