Joyalukkas International says financing will be used to fund expansion in Middle East
Joyalukkas International, a Dubai-based jewellery retailer, plans to raise $100m from a syndicated loan, a company official has said.
Standard Chartered, Emirates NBD and Bank of Bahrain & Kuwait helped arrange the facility, Tomy Joseph, general manager for marketing and business development at Joyalukkas International, said in a phone interview.
The loan agreement, which will be signed on February 19, will pay 3.5 percent above the London interbank offered rate, he said.
“The loan will be used to finance our expansion in the Middle East, Far East and Europe,” Joseph said.
Joyalukkas plans to open a showroom in Singapore by April, he added.
The company is owned by Joy Alukkas, a non-resident Indian businessman from the southern Indian state of Kerala.
The group has an annual turnover of more than $1bn, Joseph said.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.