The Emirates Rit and Dubai Fund canceled the restructuring of the Islamic instruments of $ 400 million, having succeeded opposition to a group of investors for the deal.
According to Arab Net, Emirates Rit said 57% of the instruments campaign entitled to vote supported the offer of private exchange, less than 75% required for the proposal.
As a result, IFAD canceled the plan but pledged to continue exploring options to improve the circulation of instruments and shares.
The company also said there was no stumbling on its debts and would pay its upcoming commitments in June as decision.
The Fund was compatible with Islamic law referred to a real estate stagnation of aggravation over the global epidemic and said he needed to improve its budget and presented the replacement of unsecured instruments with new securities and postponed payments for a year.
The deal was possible that the deal was possible to be seen as an exchanging debt.
The shape of the opposition creditors for the authenticity of a collection of local and international investors, and asked the Emirates Rit amendment and discuss fears.
Opposition shareholders said they represent about 40% of the instruments campaign.
In the context of its refusal to the deal, the group of creditors said the company first dealing with weak governance, liquidity leakage and continuous lack of transparency.
"We will continue to study the comments received from the market and work with the company to address the structural problems we notice in instruments and equity tools within the capital structure.
The Emirates Fund and Hollyan last year as a consultant, was to study ways to improve its budget and thinks of potential write off the stock market in Dubai.
