Jul 15 2011 |
more articles from
|
Dubai Holding unit repays $307 million Swiss bond
By Muzaffar Rizvi DUBAI -- Dubai Holding Commercial Operations Group LLC, a government-owned company that has $2.5 billion of bonds maturing until 2017, said it repaid a CHF250 million ($307 million) Swiss bond that was due on Thursday.The company, the main unit of Dubai Holding, had said it would repay the Swiss franc bond when it announced its annual results in April, a move positively received by investors. Measures such as timely repayment of debt maturities as they fall due are likely to further improve sentiment towards the emirate.
" Dubai Holding Commercial Operations Group is committed to meeting its financial obligations as they fall due," the company said in a statement.
Dubai Holding Commercial Operations Group , or DHCOG , is a collection of several companies including real estate companies Dubai Properties Group, Sama Dubai and Tatweer Dubai, as well as luxury hotel operator Jumeirah Group. It is still currently in talks with creditors to restructure an estimated $10 billion of debt. Dubai Holding Commercial has four bonds maturing in the next six years totalling $2.5 billion, excluding interest, according to data compiled by Bloomberg. It has a $500 million floating-rate note due February 2012, and a 10 billion yen ($127 million) security due July 2013, the data show.
Telecom assets sale
"Dubai Holding Commercial may sell stakes including 35 per cent in Tunisie Telecom, 19.5 per cent in Emirates Integrated Telecommunications Company and 26 per cent in Axiom Telecom over the next three years," JPMorgan analyst Zafar Nazim wrote in a report.
JPMorgan also said Dubai Holding Commercial's bonds are its top picks in the Middle East and North Africa and the six per cent bond due in 2017 is its 'favourite'.
© Khaleej Times 2011
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment