From Gulfnews.com: First Gulf Bank will convert Dh3.6 billion mandatory convertible bonds into 125 million new ordinary shares. These bonds will be converted at the initial subscription price of Dh28.8 per share and the new shares will be listed on Abu Dhabi Securities Exchange.
As a result, FGB’s share capital will be increased to Dh1.5 billion from Dh1.375 billion. The three-year convertible bonds were issued in July 2008 to mainly fund the bank’s corporate and retail growth………………………………………Full Article: Source