Four banks approached for loan; decision will be taken in first week of May, CEO says
UAE conglomerate Dubai Investments said it is in talks with
banks for a AED1.2bn ($326.8m) loan, as it looks to expand its operations.
The Dubai-based firm has approached four banks, including
two based in the UAE for the loan, and a decision will be taken by the first
week of May, Khalid Bin Kalban, the chief executive of Dubai Investments said,
declining to name the banks.
"The term sheets have been given....we hope things will
be finalised by the first week of May," said Kalban.
Dubai Investments, in which the emirate's sovereign wealth
fund Investment Corporation of Dubai has a stake, is involved in sectors from
real estate to manufacturing.
Kalban said that about AED600m would be used for the
expansion of Emirates Float Glass, its glass manufacturing unit in Abu Dhabi.
Another AED300m would be used to complete the last phase of
its industrial development Dubai Investment Park and the remaining will be used
for potential new acquisitions, he said.
The company also said earlier that it plans to sell 30
percent of private equity unit Masharie through an IPO before June 30.
Dubai Investments posted a 36 percent drop in its
fourth-quarter profit, as revenues for 2010 fell.
Shares of Dubai Investments
ended up by 0.7 percent on the Dubai bourse. ($1=AED3.672)