DAE repurchases $100mln common shares

In November, DAE hired banks to prepare for investor calls before issuing US dollar-denominated Sukuk

  
DAE’s new Boeing 737 MAX 8. Image used for illustrative purpose.

DAE’s new Boeing 737 MAX 8. Image used for illustrative purpose.

DAE/Handout via Thomson Reuters Zawya

UAE – Mubasher: Dubai Aerospace Enterprise (DAE) has repurchased outstanding common shares worth $100 million.

This transaction is expected to have no impact on the company's capital adequacy metrics at year-end 2020 and in 2021, the CEO of DAE, Firoz Tarapore, said.

Tarapore commented: "The strength of our franchise, capital position, and liquidity profile provides us the flexibility to accurately calibrate the capital we need to support the current and future needs of our growing business with maintaining appropriate margins and returns."

In November, DAE has hired banks to prepare for investor calls before issuing US dollar-denominated Sukuk, Reuters reported.

Source: Mubasher

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