NBQ and Global Investment House in $600 million tie-up
The National Bank of Umm Al Qaiwain (NBQ) and Global Investment House has agreed to issue a convertible bond, which will be issued by NBQ to Global for a total consideration of AED 2.36 billion ($626.1 million). A press release issued by both companies said Global will have the option to convert the instrument into 330 million new shares of NBQ. Upon successful conversion, the new issue would imply 25 per cent expansion of the existing paid in share capital, giving Global 20 per cent shareholding in NBQ. The issuance is subject to UAE regulatory authorities’ approval.