UAE: Aldar Properties shares rise after approval to issue bonds

Aldar Properties’ shares, listed and traded on the Abu Dhabi Stock Exchange, rose by 0.66% at the end of Tuesday’s session, closing at 7.68 dirhams, following the approval of the General Assembly of Aldar Properties to issue bonds or instruments that are not convertible into shares in the company.

Trading in Aldar Properties shares came through 1,060 trading transactions over 9.35 million shares, with a trading value of 71.74 million dirhams.

During the session, the highest price per share was 7.7 dirhams, while the lowest price was 7.61 dirhams.

This came in the wake of the approval of the General Assembly of Aldar Properties Company to issue bonds or instruments that are not convertible into shares in the company, with a total amount due not exceeding $1.5 billion or its equivalent, i.e. more than 5.5 billion dirhams.

According to a press release by the company today, Tuesday, these bonds or instruments are required to be equal to or subordinate to the company’s senior debts, and to be permanent, “that is, without a fixed maturity date,” or to have a specific duration.

These financial instruments will be offered internationally to qualified investors inside and outside the UAE, at any time, whether directly or through a special purpose company, provided that this is done in accordance with Federal Decree Law No. 32 of 2021 regarding commercial companies.

The General Assembly of Aldar Properties authorized the Board of Directors or any person authorized by it to take all necessary decisions and actions related to any of the aforementioned bond or sukuk issues.

Aldar Properties Company’s profits increased by 52% by the end of the first nine months of this year, on an annual basis, to 4.57 billion dirhams by the end of the first nine months of 2024, compared to profits of 3 billion dirhams during the same period in 2023.