CORRECTED-Kuwaiti developer NREC has not committed to new financing

Kuwait's National Real Estate Company (NREC) in a bourse statement on Tuesday denied it plans to tap new financing.

  
Kuwaiti investors watch the price index boards at the Kuwait Stock Exchange October 7, 2008.

Kuwaiti investors watch the price index boards at the Kuwait Stock Exchange October 7, 2008.

REUTERS/Stephanie McGehee

(Corrects to read has not committed to any new fundraising, paragraph 1)

DUBAI, Oct 25 (Reuters) - Kuwait's National Real Estate Company (NREC) in a bourse statement on Tuesday said it has not committed to any new fundraising activity.

The company's chief financial officer Shiv Hiremath told Reuters on Monday that the company planned to issue a $500 million sukuk early next year to help fund new projects and to refinance existing debt.

"The company's policy is to analyse its capital structure and financing options for its requirements towards a project or the company as a whole," the bourse statement said.

"It has not looked at any contract or committed to any new financial activity," the statement said.

(Reporting by Hadeel Al Sayegh; editing by Jason Neely) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

Keywords: NREC SUKUK/