Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Nakheel: Dubai has given funds to repay $980 million bond

2010-05-12

DUBAI: Dubai has given developer Nakheel, part of a $24.8 billion debt restructuring at its parent Dubai World, enough funds to repay a $980 million Islamic bond due on May 13, Nakheel said in a statement on Tuesday. Nakheel, the builder of man-made islands shaped like palms, is widely expected to repay the bond on time despite the absence of a formal debt deal on Dubai World.  "Nakheel PJSC today announces that the Dubai Financial Support Fund has made available sufficient funds to allow for the repayment in full of the sukuk issued by Nakheel Development 3 Limited, which matures on 13 May 2010," Nakheel said in a statement to the Nasdaq Dubai bourse.  The Dubai Financial Support Fund was set up to distribute funds, raised via $20 billion sovereign bond programme, to government-related entities. Nakheel"s dirham-denominated bond was trading at 99.75 cents to the dollar on Tuesday, after the statement, according to data from Deutsche Bank Autobahn showed.  The bonds were trading at 98 cents on Monday. State-owned holding company Dubai World is in talks with banks to restructure debt repayments, with the rate of interest offered to the company"s bank lenders a key sticking point of the discussions.  Under the terms of Dubai World"s restructuring proposal unveiled on March 25, payment of the Islamic bond, or sukuk, was conditional on Dubai World reaching a formal agreement with all of its creditors. But a government spokeswoman later said that the bond would be repaid without an agreement if there was sufficient support for the plan.  Dubai"s debt plan offers Nakheel sukuk holders full payment on 2010 and 2011 bonds on maturity while trade creditors will be repaid through a mix of 40 percent cash and 60 percent in a sukuk, with a 10 percent annual return. Dubai World sent global markets spinning late last year when it said it would be unable to meet $26 billion in debt obligations. A last minute bailout from oil-rich neighbor Abu Dhabi helped the company and its subsidiaries stave off default.


 

2017-11-16
Al-Quds Index in the red zone amid lack of drivers

2017-11-12
Bank of Palestine opens a representative office in Chile

2017-11-09
The PEX records average PE ratio of 12.2x in 9M 2017

2017-11-08
GUI posts net income of $0.80 million in 9M 2017

2017-11-08
AIG reports net income of $1.21 million in 9M 2017

2017-11-02
A decline in Al-Quds Index with the end of the disclosures’ legal period

2017-11-01
RSR records net income of JD0.43 million in 9M 2017

2017-11-01
NSC posts net income of JD0.24 million in 9M 2017

2017-11-01
TIC records net income of $1.79 million in 9M 2017

2017-11-01
PICO reports net income of $2.16 million in 9M 2017

2017-11-01
AQARIYA records net income of JD0.40 million in 9M 2017

2017-11-01
PRICO realizes net loss of JD3.97 million in 9M 2017

2017-11-01
TRUST reports net income of $3.40 million in 9M 2017

2017-11-01
MIC posts income of $1.01 million in 9M 2017

2017-11-01
PADICO posts net income of $11.95 million in 9M 2017

2017-11-01
BOP records net income of $38.54 million in 9M 2017

2017-11-01
WASSEL records net income of $0.02 million in 9M 2017

2017-11-01
AIB reports net income of $5.83 million in 9M 2017

2017-11-01
NIC posts net income of $4.04 million in 9M 2017

2017-11-01
JPH reports net income of $1.91 million in 9M 2017

2017-11-01
JREI realizes net loss of $0.22 million in 9M 2017

2017-11-01
AHC realizes net loss of JD1.10 million in 9M 2017

2017-11-01
ELECTRODE posts net income of JD0.05 million in 9M 2017

2017-11-01
PID posts net income of JD 0.01 million in 9M 2017

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013