Ishraq Investment Company announced its subscription to mandatory convertible bonds worth 66.83 million dirhams, issued by a special purpose vehicle 'Amana Ltd SPV'. These bonds will be subsequently converted into new shares in Salama Company (the obligor). The subscription value is equivalent to approximately 2.49% of its capital, and the bonds will be converted into shares at a conversion price of 0.46 dirhams per share, subject to necessary regulatory approvals. Ishraq Investment confirmed that the new shares resulting from the conversion will be subject to a 12-month trading lock-up period from the date of conversion. It is anticipated that Ishraq's stake in Salama will increase by approximately 18%.
