Dubai Investments to raise $300m from sukuk sale
Dubai, April 10, 2013
Dubai Investments plans to raise $300 million from the sale of Islamic bonds, or sukuk, investor meetings for which is expected to begin in May, the company's chief executive told Reuters on Wednesday.
The conglomerate, which has interests in several sectors including property and manufacturing, has picked Citigroup, Nomura, and JP Morgan Chase & Company to help arrange the transaction, Khalid bin Kalban said.
"We start the roadshows in May. Our target is to raise $300 million," Kalban said in a phone call.
The company, whose manufacturing business was hit by political unrest in the Gulf Arab region, has been eyeing a debt markets foray since last year through the issue of sukuk to finance expansion of some manufacturing units and repay debt.
Shares in the company ended nearly 8 per cent higher on Wednesday and are up 21 per cent year-to-date. - Reuters
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson