Tuesday, May 01, 2012
DUBAI (Zawya Dow Jones)--DIFC Investments, the investment arm of Dubai's international financial centre, on Tuesday said it is nearing a deal to refinance a $1.25 billion bond that matures in June as the company turned profitable again in 2011.
DIFCI said it made $130.5 million in full-year net profit in 2011 compared to a $272 million loss in 2010.
In its financial statements posted on Nasdaq Dubai, DIFCI said "an agreement is close to finalization on refinancing" the $1.25 Islamic bond whose repayment is due in June. It didn't provide further detail.
DIFCI's chairman Abdulla Mohammed Saleh said the group is committed to the repayment of the Islamic bond and that it continues to work closely with relevant stakeholders to achieve this goal.
Analysts and ratings agencies have highlighted DIFCI's upcoming sukuk maturity as one of the most challenging debt repayments for Dubai-related entities this year.
-By Nicolas Parasie, Dow Jones Newswires, +9714 446 1681, nicolas.parasie@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
01-05-12 1100GMT
