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Mon 30 Nov 2009 09:07 AM

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Nakheel asks for suspension of listed sukuks

Dubai developer asks for suspension following gov't announcement on Dubai World debts.

Dubai master developer Nakheel on Monday asked for all three of its sukuks listed on Nasdaq Dubai to be suspended.

The move to stop trading in the sukuks - Nakheel Development Limited, Nakheel Development 2 Limited, Nakheel Development 3 Limited - followed Dubai government's announcement on the debt issues being faced by Dubai World, the parent company of the developer.

Nakheel asked that trading on all its islamic sukuk bonds be suspended until "it is in a position to provide further information", according to a statement to the Dubai bourse.

The three sukuks listed on the exchange are $3.5bn due on December 14, AED3.6bn ($980.1m) due on May 13 and $750m due on January 16, 2011.

Nakheel is one of two flag ship companies, along with Dubai World, which announced last week that they would seek a debt standstill agreement from creditors, until May 2010.

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