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29 March 2024

Ggico dollar bond roadshow from Thursday

Gulf General Investment Co.

Published
By Parag Deulgaonkar

Gulf General Investment Co. (Ggico) will commence the road show for its dollar-denominated bond from Thursday, a company executive confirmed to Emirates 24|7.

"We will commence the road show for our dollar-denominated bond from Thursday and will be visiting three to four countries," he said, adding that Deutsche Bank, HSBC Holdings and Standard Chartered Bank have been mandated to act as joint lead managers.

The executive declined to comment on the size of the issue.

In September, the Dubai government sold $1.25 billion worth of government bonds while Dubai Electricity and Water Authority sold $2bn in a dual-tranche bond.

In August, Ggico's second quarter net-profit declined by 71.5 per cent to Dh45 million compared to Dhs158m for the same period last year. In the six-month period ended on June 30, 2010, it posted net loss of Dh36m compared to a net profit of Dh219m .