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Waha Capital Announces 12.5% Bonus

Abu Dhabi : 24 February 2010

The board of directors of Waha Capital PJSC, Abu Dhabi-listed company which met under the chairmanship of Hussain Al Nowais, chairman of Waha Capital, recommended a 12.5 per cent dividend bonus shares to share holders.

The company has also decided to issue mandatory convertible bonds or Sukuk valuing Dh1 billion.

Al Nowais said that the compulsory convertible bonds, or Sukuks, will support the company’s growth plans and acquire significant projects in a number of economic sectors. He said that numerous schemes have been announced recently including the start of a multi-use property project Al Markaz in Abu Dhabi, which stands for a quality addition to the industrial sector of the emirate by providing integrated complexes of light industrial compounds, storage facilities, warehouses, and housing for about 28,000 skilled workers.

The company’s chairman said that the schemes contributed in leveraging the company’s reputation and competitiveness on both local and international levels, serving the shareholders and partners’ interests in the private and government sectors.

Al Nowais said that the UAE nationals would benefit as a direct consequence of involving them in this national company’s work plans and that investment openings had been prioritized to facilitate drive the economic development in Abu Dhabi and the UAE.

Salem Rashid Al Noaimi, chief executive officer of Waha Capital, said that the company is analyzing many projects which will be announced in due course. Issuing the mandatory convertible bonds, or Sukuk, will leverage company’s financial strength and ensure new revenue sources to assist in going forward.

Al Noaimi disclosed that the board has proposed an extraordinary general assembly meeting of shareholders on March 21 to discuss the start of the mandatory convertible bonds.

Waha Capital earned the highest profits ever since its inception in 1997, growing to Dh217 million as at December 31, 2009, up against Dh40 million in the previous year, an increase of 442 per cent.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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