Thursday, Jan 26, 2012
(This story was originally published Wednesday.)
DUBAI (Zawya Dow Jones)--Dubai-based Majid Al Futtaim Holding, or MAF, will be conducting a series of fixed-income investors meetings in the U.A.E., Asia and Europe starting next week, and may subsequently issue an Islamic bond, or sukuk, depending on market conditions, a banker familiar with the matter said Wednesday.
The meetings start January 29 and the sukuk could be issued under its recently established $1 billion trust certificate issuance program, the banker, who declined to be identified, told Zawya Dow Jones.
Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC and Standard Chartered Bank will be arranging meetings on the company's behalf, the banker added.
Besides the sukuk program, MAF in June last year had established a $2 billion global medium term note program but has yet to issue any bonds as part of it.
Earlier this week MAF's Chief Executive Iyad Malas said his company has established "a very strong" financial position to support its existing businesses and expansion plans and is under no pressure to issue an Islamic, or conventional, bond for at least the next 18 months.
MAF, a privately-owned property, hospitality and retail group active in the Middle East and North Africa region, said Monday that group revenues in 2011 grew 10% year-on-year to 18.7 billion U.A.E. dirhams ($5.1 billion), while earnings before interest, tax, depreciation and amortization rose 18% over the same period to AED2.7 billion. It had over AED35 billion in assets at the end of December.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
26-01-12 0401GMT
