Esterad cancels BD7 million bond offer

Bahrain's Esterad Investment Company yesterday withdrew a planned BD7 million bond (Dh68.2 million) offering, citing market conditions.

The bond had been due to be issued on February 10. "The decision for retraction was in light of the prevailing conditions of the lending markets and liquidity regionally and globally," the company said in a statement.

Bank of Bahrain and Kuwait, acting as receiving bank for the issue, returned subscription funds to applicants. The firm suffered a net loss of BD3.775m in 2009 as compared to a net loss of BD11m in the previous year.

The firm keeps strong balance sheet by preserving shareholders' reserves and sound liquidity, through prudent liability management and adoption of accounting policies.

 

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