FINANCIAL NEWS

Gulf General postpones selling $300m bonds

17 Jan 2011

(MENAFN) Gulf General Investment Company (GGICO) finance manager, Ashish Oommen, said that the company would postpone the planned bond sale amounting to around $300 million for around three months because debt issuance cost is very high, reported The National.

Oommen said that the company’s bankers advised against conducting the bond sale at the current time especially that international investors are still not investing at this time of the year.

It is worth noting that the Dubai-based company had planned the bond sale by the end of 2010. The company operates businesses in property, transport, tourism and financial services.

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