Abu Dhabi - Mubasher: The board of Arkan Building Materials Company has approved the issuance of mandatory convertible bonds with a nominal value of AED 1 each to General Holding Corporation (Senaat) to acquire Emirates Steel Industries (Emirates Steel).

The mandatory convertible bonds have an aggregate principal amount of AED 4.069 billion, according to a bourse filing on Wednesday.

The board has also agreed on converting these bonds into shares in Arkan.

In addition, the board has proposed a rise in the company's share to AED 6.85 billion from AED 1.75 billion.