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Emaar gains on $1.5 billion loan clarification

: Monday, June 02 - 2014 @ 18:43

The Dubai Financial Market General Index (DFMGI) rebounded by 1.88 per cent to close at 5,151.21 points on Monday, June 2. Emaar surged 3.50 per cent to hit AED10.40. Earlier in the day, the UAE’s first developer revealed that it has raised Shari’a-compliant financing through local UAE banks worth $1.5 billion for a period of seven years “in order to optimise its capital structure prior to the IPO” of its retail and hospitality section, Emaar Malls Group. The IPO, which intends to float 25 per cent of Emaar Malls, shall increase up to $2.45bn, Emaar revealed earlier in March. The financing carries a profit rate of 1.75 per cent per annum above LIBOR.

Gérard Al-Fil

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Monday, June 2- 2014 @ 18:43 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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