Abu Dhabi- Mubasher: Aldar Properties refinanced AED 1.8 billion of existing bank loans due to mature by 2018, according to a bourse statement.
The interest only loans were agreed with three local and international banks over five, seven and ten year maturities.
The bank loan refinancing reinforces the strength of Aldar’s balance sheet with the average debt maturity now extending to four years.
The company’s stock rose 0.35% to AED 2.89 by 11:20am UAE time, with a turnover of AED 12.95 million generated from the exchange of 4.49 million shares.
