Dubai developer Nakheel said on Thursday it repaid 3.4 billion dirhams ($925.9 million) it owes to trade creditors, as part of its debt repayment plan.
"Nakheel has approximately 85 percent (by value) of acceptances and is working closely with the rest of our trade creditors to achieve its 95 percent acceptance of all payables by the end of the year," it said in a statement.
Under Nakheel’s restructuring plan, trade creditors have been offered 40 percent of what they are owed in cash and the rest through an Islamic bond or sukuk.
The 40 percent is equivalent to 4 billion dirhams.
The builder of islands in the shape of palms off the coast of Dubai has recently restarted projects and expects to complete its debt restructuring by the end of 2010. –Reuters
HED: Zain shares to resume trading on Sunday: bourse
Trading in Kuwaiti telecoms firm Zain will resume on Sunday, the Kuwaiti bourse said on Thursday, after a major shareholder outlined details of a proposed stake sale to Emirates Telecommunications Co.
National Investments Co (NIC), owned by the Kharafi Group, one of the main shareholders in Zain, said in a statement to the bourse that one of its portfolio clients, Al Khair National, had received an offer to sell a 46-percent stake in Zain.
Al Khair, also owned by the Kharafi Group, will gather the required percentage of shares for the deal, after the initial approvals between the parties, NIC said.
