DUBAI — Shuaa Capital, an asset manager based in the United Arab Emirates, has approved the issuance of non-convertible bonds valued at $150 million in one or more tranches in a private placement.

These bonds will be listed on a market outside the UAE, the company said in an announcement on the website of the Dubai Financial Market where its shares are listed.

During the company's ordinary general meeting (OGM), the shareholders authorized the board to carry out all the actions needed for the issuance, including completing the timing, terms, and pricing details.

It is noteworthy to mention that in the first half (H1) of 2020, the company's net profits excluding unrealized mark-to-market losses on portfolio investments reached 164 million dirhams when compared to the same period of 2019. — WAM