Emaar Properties to issue US$375m convertible notes

Dubai, Sept 30, 2010 (WAM)- The Board of Directors of Emaar Properties has agreed to issue up to US$375 million convertible note through its fully owned subsidiary Pyrus Limited. According to the minutes of the meeting held by the board yesterday, the notes will be issued with an increase option of up to US$125 million. The proceeds from the issue will be on-lent to Emaar by the subsidiary. The notes will be convertible into fully paid ordinary shares of Emaar from time to time at the option of holders of the notes. The notes issuing will be managed by J.P. Morgan Securities Ltd, the Royal Bank of Scotland N.V. and Standard Chartered Bank.