Dubai – Mubasher: Nasdaq Dubai saw the listing of a bond tap worth AED 1.1 billion ($300 million) by Majid Al Futtaim-Holding under its existing $3 billion conventional bond programme, according to a statement.
The capital raised by the bond tap will support Majid Al Futtaim to continue its expansion in shopping malls, retail, residential communities, leisure and other sectors across the Middle East and Africa.
“Majid Al Futtaim continues to report resilient financial growth despite softening economic conditions. We continue to focus on our expansion plans with a continued commitment to our investment grade credit rating and our prudent financial and risk management approaches,” the company’s CEO Alain Bejjani said.
The bond tap was issued by MAF Global Securities, part of the Majid Al Futtaim group, and its listing took place in July 2016.
MAF Global Securities previously listed a 7-year bond valued at AED 1.84 billion ($500 million) in July 2013 and the tapped instrument, a 10-year bond worth AED 1.84 billion ($500 million) in May 2014
