Shuaa Capital has extended the maturity date of its outstanding convertible notes, issued in October, 2007 and subscribed by Dubai Banking Group (DBG).

The decision was announced at the company’s third session of the extraordinary general meeting (EGM) held yesterday (March 1) at Jumeirah Emirates Towers.

The EGM rejected a second proposal to reconstitute the board of directors of the company, on the basis of DBG’s request that no specific individuals were proposed for membership at this time and the board as a whole is due for re-election at the company's annual general meeting (AGM).

Majid Saif Al Ghurair, Shuua chairman, announced the board's decision to convene the AGM on March 29.

An extraordinary meeting has also been called to coincide with the AGM.

The EGM will consider amendment of the company's articles of association to introduce proposed corporate governance provisions recommended by ESCA for UAE companies generally, and other matters. – TradeArabia News Service