Article (149)
The company, whose shares are negotiable on the Bahrain Stock Exchange, may issue convertible bonds by a resolution of the extraordinary general assembly upon a justified recommendation by the board of directors in accordance with the following provisions:
i— Specifying the rules of converting bonds into shares, especially the value of the share on the basis of which the conversion shall be made.
ii— The bond's issue value shall not be less than the nominal value of the share.
iii— The value of the convertible bonds in addition to the value of the company's shares must not exceed the authorized capital.
iv— The period during which conversion of the bonds into shares may be requested.
v— The right of the bond owner to refund its value if he does not want to convert them into shares.