Dubai's Emirates REIT rescinds debt offer after sukukholders revolt
Published 07 Jun,2021 via Bloomberg Markets - Dubai-based Emirates REIT on Monday withdrew the restructuring proposal for its $400 million Islamic bond after a group of investors successfully opposed the deal.
Emirates REIT said 57% of voting sukuk-holders were in favor of its exchange offer, falling short of the 75% it required to push through the proposal. As a result, it rescinded the plan but vowed to continue exploring options to improve the REIT’S sukuk and equity trading.
The company also said that “there has been no event of default or any dissolution event” with its debt and that it will pay its upcoming sukuk profit distribution in June as scheduled.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Nicolas Parasie