Dubal CEO: no immediate bond plans open to M&A
Dubai Aluminium (Dubal) has no immediate plans to issue bonds, its chief executive officer told Reuters on Thursday.
December 22, 2011 1:34 by Reuters
“For the time being, I don’t see it. Maybe if things start to materialise on some of our projects then it’s possible,” Abdulla Kalban said on the sidelines on a conference.
Dubai’s ruler issued a decree last month to help Dubal become more competitive by being able to engage in investments outside the country and issue bonds.
Kalban also said the company would be open to potential acquisitions, but declined to offer any further details.
“This is possible. Our offices are already there in different parts of the world,” he said.
Dubal is one of Dubai’s profitable assets and is valued at $7 billion. Its net profit for 2010 more than doubled to 2.13 billion dirhams ($580 million). (Reporting by Praveen Menon; Writing by David French; Editing by Sitaraman Shankar)