UAE – Mubasher: Dubai Aerospace Enterprise (DAE) has repurchased outstanding common shares at a value of $450 million.
The aerospace firm also received an early partial repayment of $450 million of a Note Receivable from certain shareholders, according to a press release.
"Our strong balance sheet combined with our best-in-class margins allowed us to further optimize our balance sheet prior to year-end. We are committed to running our business with low levels of leverage and optimal amounts of capital," DAE’s CEO, Firoz Tarapore, said.
It is worthy to mention that during the first nine months of 2019, DAE’s profits decreased to $260.5 million from $290.5 million a year earlier.
