Gulf General to sell up to $1bn of bonds

Published Monday, March 31, 2008

By Agencies

Dubai-listed Gulf General Investment Co said on Monday it won shareholder approval to sell $1 billion of bonds to help refinance existing debt and fund company expansion.

"It's a $1 billion EMTN programme of conventional bonds," Simon Philip, the company's general manager told Reuters.

EMTN is a euro medium-term note programme for borrowing from the capital markets or private investors.

Gulf General is looking to sell the first set of bonds by the middle of the year, though the sale depends on market conditions, Philip said.

Gulf General's businesses range from manufacturing and real estate to transportation, according to its website.

"The bonds will be partially for refinancing existing loans and for general corporate expansion," Philip said, without being more specific. (Reuters)

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