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03/12/2014 10:10 AST
AUB has announced the completion of the conversion of $100 million of the International Finance Corporation’s (“IFC”) Subordinated Debt advanced to AUB in November 2006 into 118,609,884 AUB ordinary shares at a conversion price of 84.31 US Cents per share. Post conversion, IFC along with the IFC Capitalization Fund (“IFC Fund”), hold a 5.16 per cent shareholding in AUB.
The Subordinated Debt facility was convertible only at the option of IFC.
Mr. Fahad Al-Rajaan, AUB Chairman stated that, “IFC’s decision to exercise the conversion option, following the IFC Capitalization Fund’s accelerated conversion of its Mandatory Convertible Preference Shares (MCPS) in October 2013, is a testament to IFC’s desire to further strengthen its long standing partnership and collaboration with AUB to expand financial services in the MENA region. It is a continuation and reinforcement of the strong and multi-faceted relationship between AUB and IFC in Bahrain, Egypt and Oman.”
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. IFC has $38 billion in debt and equity exposures globally.
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