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UAE’s Majid Al Futtaim plans to raise USD500m Islamic bonds

23 Nov 2011

(MENAFN) Majid Al Futtaim Holding’s treasury manager, Daniele Vecchi, said that in order to increase cash reserves, the company would sale 5-year Islamic bonds (Sukuk) which would raise around USD500 million, reported Times of Oman.

Vecchi added that the maturity would possibly be five years, which would match the firm’s expectations and suit its appetite, moreover, the size of teh deal would have enough liquidity.

He also said that the operator of Carrefour stores in the Middle East finished preparations for the Islamic bond program, whose overall size was USD1 billion.

It is worth noting that in July, the firm managed to raise USD1 billion from a number of banks in order to refinance debt and to boost liquidity.

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