DUBAI: 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 said.
The conglomerate, which has interests in several sectors including property and manufacturing, has picked Citigroup Inc, and J.P. Morgan Chase & Co. 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, 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 percent higher and are up 21 percent year-to-date.
Reproduced with permission from Arab News