FINANCIAL NEWS

Dubai Investments may raise USD272m through suskuk

14 Mar 2012

(MENAFN) Dubai Investments said it is considering raising USD272.3 million this year by selling Islamic bonds known as “suskuk” a sukuk, to finance the expansion of its manufacturing units and repay debt, Reuters reported.

CEO Khalid bin Kalban said that the conglomerate is already in talks with an Italian lender for a USD200 million loan and a sukuk issue will only be considered if the loan deal does not go through.

He added that Dubai Investments is also in talks with two other lenders for the potential sukuk issue and a decision would be taken by the end of the year.

The company would use part of the funds from the sukuk for the expansion of Emirates Float Glass factory, the conglomerate’s glass manufacturing unit.

The company has invested USD408 million on its four glass factories so far and plans to invest an additional USD217.7 million in 2013-2014.

In October, Dubai Investments secured USD190.6 million of a USD326.6 million loan it needed for expanding its operations.

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