Emaar Properties PJSC (Emaar) will hold an Extraordinary General Meeting (EGM) of the companyâ€™s shareholders today (November 8), 5pm, at The Address Dubai Marina Mall hotel, Constellation Ballroom.
The EGM has been called to consider and approve the issue of US$500 million Convertible Notes due in 2015.
Resolutions to be proposed at the EGM include authorising the Board of Directors to implement the issue of the Convertible Notes, authorising the increase(s) in capital which may be required from time to time in connection with any conversion of the Convertible Notes into shares in Emaar and to authorise certain amendments to the Articles of Association of Emaar.
The proposed issue of US$500 million of Convertible Notes due in 2015 is intended to contribute to the conversion of Emaarâ€™s short term liabilities into long term debt, and has received overwhelming response from investors with demand in excess of US$3 billion.
Subsequent to the approval at the EGM, the Convertible Notes will be issued and listed on the Luxembourg Stock Exchange.