Article 260 of Companies Law

Subject to the provisions of the preceding Article, if the shareholding companies participating in the merger have issued bonds or sukuk convertible into shares, the holders of these bonds or sukuk shall have the right to request their conversion into shares in the absorbing company or the new company, as the case may be, during the period prescribed in the issuance of the bonds or sukuk. The bases of conversion shall be determined by determining the exchange ratio specified in the issuance terms in light of the ratio set out in the merger agreement for exchanging shares of the company issuing the bonds or sukuk for shares in the absorbing company or the new company.