Dubai Investments picks banks for $300m sukuk

Dubai Investments Khalid bin Kalban chief exec says Citigroup, Nomura, and J.P. Morgan Chase & Co will handle sale of Islamic bonds
By Reuters
Wed 10 Apr 2013 05:47 PM

Dubai Investments plans to raise $300 million from the sale of Islamic bonds, or sukuk, investor meetings for which is expected to begin in May, the company's chief executive told Reuters on Wednesday.

The conglomerate, which has interests in several sectors including property and manufacturing, has picked Citigroup Inc , Nomura, and J.P. Morgan Chase & Co to help arrange the transaction, Khalid bin Kalban said.

"We start the roadshows in May. Our target is to raise $300 million," Kalban said in a phone call.

The company, whose manufacturing business was hit by political unrest in the Gulf Arab region, has been eyeing a debt markets foray since last year through the issue of sukuk to finance expansion of some manufacturing units and repay debt.

Shares in the company ended nearly 8 percent higher on Wednesday and are up 21 percent year-to-date.

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