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410601
Sun, 06/26/2016 - 09:55
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Abu Dhabi Securities Exchange lists ADNIC's AED309m mandatory convertible bonds into shares

ABU DHABI, 26th June 2016 (WAM) --- Abu Dhabi Securities Exchange (ADX) on Saturday said it had listed mandatory convertible bonds worth AED390 million, that were issued by Abu Dhabi National Insurance Company (ADNIC), as shares of the company. ADNIC had issued the bonds at a fixed interest rate of 7.5 percent per annum. ADX said the issuance of the dirham-denominated convertible bonds was part of its commitment to Abu Dhabi's plan's for a financial system that supports development in the emirate. The listing was carried out on Thursday in the presence of CEO of Abu Dhabi Securities Exchange, Rashid Al Baloushi, and CEO of ADNIC, Ahmad Edris, experts, officials as well as representatives of the National Bank of Abu Dhabi, arranger of the issue. Al Baloushi said the step would reinforce financial and investment tools in capital markets and widen investment options for investors in local financial markets. "We are certain that fixed-income local bonds issuance and Islamic instruments will help in providing more finance channels for infrastructure projects, as well as play a role in increasing capital flows and providing a local yield curve for the bonds." Edris said "the call for subscription was confined to the company’s shareholders." He said the importance of ADNIC's cooperation with ADX in this step stems from the fact that it will help provide investment alternatives at the Exchange and reinforce the attractiveness of its investment environment. – Emirates News Agency, WAM - http://www.wam.ae/en/news/emirates/1395297146747.html

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