December 19, 2017 / 8:52 AM / a month ago

BRIEF-Sharjah Islamic Bank Updates on 266.8 MLN Dirhams Convertible Sukuk Issue

Dec 19 (Reuters) - SHARJAH ISLAMIC BANK PJSC:

* ENTERS INTO AGREEMENT WITH SHARJAH SOCIAL SECURITY FUND FOR ISSUANCE OF SUKUK CONVERTIBLE INTO ORDINARY SHARES OF SIB‍​

* SAYS AMOUNT OF SUKUK ISSUED WILL BE 266.8 MILLION DIRHAMS TO BE CONVERTED INTO 266.8 MILLION SHARES AT PAR VALUE OF 1 DIRHAM PER SHARE

* ONCE CONVERSION OF SUKUK TAKES PLACE, TOTAL NUMBER OF SHARES OF SIB SHALL INCREASE TO 2.93 BILLION FROM 2.67 BILLION

* EXPECTS SUKUK CONVERSION TO BE COMPLETED ON OR BEFORE DEC 31, 2017 Source: (bit.ly/2BKxTjc) Further company coverage:

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