Friday, Feb 24, 2012
Gulf News
Dubai Jewellery chain Joyalukkas has raised Dh367 million ($100 million) financing with Standard Chartered acting as the lead arranger and facility agent for the ‘Club Deal’ along with Emirates NBD and Bank of Bahrain and Kuwait (BBK).
Hogan Lovells acted as the lenders’ counsel in the deal. The transaction includes a $75 million term loan for a period of five years and $25 million working capital. Joyalukkas has sought the ‘Club Deal’ to manage the rapid expansion of the jewellery retail chain, which is set to expand to Singapore, Mal-aysia and Sri Lanka. The announcement came at a signing ceremony which was recently held in Dubai.
“Despite the dim econ-omic outlook, Joyalukkas has managed to maintain its growth rate and performance. This proves that consumers still strongly believe that jewellery offers them an ideal combination of ‘investment and a social statement’. Joyalukkas has now built a strong brand equity globally and we are now ready to capitalise on this. This $100 million loan will help us to expand to regions like Singapore, Malaysia, Sri Lanka and Saudi Arabia,” said Joy Alukkas, Chairman.
Saudi presence
Joyalukkas caters to over 10 million customers around the world with a team of 4,000 employees. Joyalukkas is also planning to expand its Saudi Arabia operation.
Joyalukkas recently entered the Saudi market and currently has two showrooms.
Staff Report
Gulf News 2012. All rights reserved.
