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Rephrase the title:For DFM-listed Shuaa, April 19 looms as D-Day to renegotiate terms on $150m bond exposure

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Dubai: Shuaa, the Dubai fund manager, will now wait until April 19 to reach a crucial decision with stakeholders on changing the terms of a $150 million payment due on its bonds. An earlier meeting set for April 5 failed to materialise after a quorum was not achieved.

At the meeting, Shuaa, which went into a steep loss in its 2023 financials, will seek ‘consent solicitation’ from subscribers in the bonds for changes to the terms and conditions. The payment was due on March 31.

Shuaa’s stock has not been trading on the DFM in recent days, pending submission of the 2023 financials. Much thus rests on the company getting the consent of the bond investors to rework the payments due.

Market analysts are hopeful that come April 19, such a deal will be hammered out. “Shuaa just needs some leeway to smooth out its payment position on its bonds,” said an analyst. “We believe that will soon come through from bondholders.”

In a statement last month, Shuaa said its objective with the consent solicitation is to ‘right-size’ the balance-sheet and help ease the ‘participation of new capital into the business’.

“The proposal also offers the best available option to noteholders by offering cash settlement and the opportunity to participate in the equity of the company,” it added.

“The proposal is extended to all noteholders, taking into account the company’s present situation, with the aim of progressing towards capital injection that will restore business stability and continuity.”