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Mon 4 Jul 2016 01:39 PM

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UAE's Al Jaber Group to raise $1.4bn through assets sale

Abu Dhabi-based company previously intended to raise $750m under debt repayment plan

UAE's Al Jaber Group to raise $1.4bn through assets sale

Abu Dhabi’s Al Jaber Group plans to raise $1.4 billion (AED5.2 billion) by selling assets including real estate and shares by March 2018, it has been reported.

The group had previously said it would raise $750m under a new debt repayment plan it offered to creditors, according to Bloomberg.

The plan includes raising $408 million by the end of 2016, $163m of which would be used to repay debt and for working capital, said the report.

It will use an additional $177m to repay creditors who want to exit at about 50 cents to the dollar, and the maturity of the remaining debt would be extended to 2024.

Al Jaber has already raised $354m, the company said in its presentation to creditors, two people with knowledge of the sale told Bloomberg.

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