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Dubai Investments seeks $326.8 mln loan for expansion
Four banks approached for loan – CEO; Says decision will be taken in first week of May
April 20, 2011 1:58 by Reuters
UAE conglomerate Dubai Investments said it is in talks with banks for a 1.2 billion UAE dirham ($326.8 million) 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 600 million dirhams would be used for the expansion of Emirates Float Glass, its glass manufacturing unit in Abu Dhabi.
Another 300 million dirhams 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.
By Praveen Menon
(Reporting by Praveen Menon; Editing by Shaheen Pasha)