Commercial Companies Law — Article 233 — Article (233) Capital Increase or Reduction after Issuance of Bonds or Sukuk
Part Four: Public Joint Stock Companies · Chapter Five: Shares, Bonds and Sukuk
Once a Special Resolution to issue convertible bonds or Sukuk has been passed, the Company may not, before the bonds or Sukuk are converted or paid for, reduce its Capital or increase the minimum dividends decided to paid to shareholders. Where a capital reduction is done on account of loss through the cancellation of shares or reduction of their nominal value, the Capital shall be reduced, as if the bondholders were shareholders.
Interpretation and application must be checked against the official text and current version.
