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Dubai-listed Emirates REIT, a Shariah-compliant real estate investment trust, said it had canceled an offer to holders of its $400 million sukuk to exchange their notes for a new instrument.
Emirates REIT needed a special 75% majority for the voluntary proposal, which was seeking the approval of the sukuk holders to replace the existing unsecured sukuk with secured sukuk, to proceed with implementation.
He said in a statement that 57 percent of the holders voted for it.