Barclays Capital, Dubai holding group accumulated debt 100 billion, of which $ 2 billion will expire in 2010.
Analysts predict that Dubai holdings may be like Dubai World split, but it's the best business — particularly zhumeila group – will be transferred to other Dubai business name
As Dubai World beyond the implicit Government backing, the outside began to worry, other government entities background might breach. At present, the region of bankers and investors are most often mentioned by name is Dubai holding.
"Dubai's operations at risk: the other company's reorganization may follow," Barclays Capital at the weekend publication report said, "we will focus on those fundamentals weak, debt is about to expire, we believe that the risk of Dubai holding. ”
Cumulative borrowing $ 100
Last week, the rating agencies Moody's will Dubai holding group rating lowered to only junk-two levels. Subsequently, as the company's $ 10 million debt offering of 5-year non-guaranteed cost soared to $ per year, becoming the market 114.35 eyes the highest risk of corporate bonds of Dubai.
Dubai holding's spokesperson on December 2, said: "we will experience servicing problems, I doubt. Dubai holding confident all debt repayment as usual. ”
Dubai holding was established in 2004, its investment sector in Dubai's international purchasing spree is the leader in recycling development Dubai large funds arising from the desert. Barclays Capital, said the Group has also carried out on these profits, cumulative debt leverage 100 billion, of which $ 2 billion will expire in 2010.
But the bankers said that because the link with the ruler of Dubai, the Group's political background than Dubai World more hard, financial situation seems to be more robust.
Analysts say, because that includes a batch can produce cash business, the Group has a strong ability to repay debt. It is noted that in recent months, it also received from the Government, although the company has never been confirmed.
But the bankers said that the Group investment subsidiary of Dubai International capital and Dubai World Group may face than commercial sector — across the travel industry, business meal Park and real estate — more financial problems. A senior banker said: "Dubai holding currently does not recognize the problem, but Dubai every entity exists ... infectious effect This is just the beginning. ”
It was familiar with the company's sources, although outsiders think Dubai International capital intends to sell assets, but holding company has sufficient funds to maintain in Europe and the Middle East's acquisition of the business.
Such persons also said the company could sell the publicly listed shares, including the European Aeronautics Defence and space company, Sony and India industrial credit and investment banks. The company also will phase out its emerging markets private equity sector, Middle East venture capital portfolio and on other investments of private equity funds.
Flag includes zhumeila group
Dubai holding commercial sector there are profitable companies, such as the flagship hotel company zhumeila Group (JumeirahGroup).
Dubai holding's slimming down faster than the predicament of Dubai World is faster. For example, Dubai International capital and Dubai World Group has incorporated the background operations, Dubai holding's individual developers have been merged into the Dubai's premier developer Emma-real estate banner — doing so, the shareholders of Elma deeply disturbed, worried that his shares be diluted, and said, this is forcing them to rescue the other company.
Dubai holding has begun implementation of the restructuring plan is so thorough, that analysts believe that the company might be like Dubai World split, but it's the best business — particularly zhumeila group – will be transferred to another name, such as Dubai, enterprises are to Dubai with a "good Bank" identity into people sight of Dubai investment company.
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