Dubai International Capital (DIC) should sell its two main assets within 18 months in order to cover its outstanding debt well ahead of scheduled repayment in two years.
Chief Executive David Smoot said proceeds from divesting the five remaining assets should also give the company surplus funds to pass to its parent firm - Dubai Holding - to help fund its ambitious projects in the emirate, according to Arab News.
DIC fell prone to overexuberance and the heavy debt load taken on to finance many of its deals, forcing it into a $2.5 billion restructuring which it completed in April 2012.
Since then, the company has been selling down its entire portfolio of assets to repay its debt, most recently offloading German packaging company Mauser for a total consideration of 1.25 billion euros ($1.72 billion).
Smoot said, with around $1 billion of net debt remaining, which excludes cash it has on its balance sheet, the sales of Doncasters, a British-based engineering aerospace group, and German alumina products maker Almatis will give it the funds to comfortably meet its repayment schedule.
Chief Executive David Smoot said proceeds from divesting the five remaining assets should also give the company surplus funds to pass to its parent firm - Dubai Holding - to help fund its ambitious projects in the emirate, according to Arab News.
DIC fell prone to overexuberance and the heavy debt load taken on to finance many of its deals, forcing it into a $2.5 billion restructuring which it completed in April 2012.
Since then, the company has been selling down its entire portfolio of assets to repay its debt, most recently offloading German packaging company Mauser for a total consideration of 1.25 billion euros ($1.72 billion).
Smoot said, with around $1 billion of net debt remaining, which excludes cash it has on its balance sheet, the sales of Doncasters, a British-based engineering aerospace group, and German alumina products maker Almatis will give it the funds to comfortably meet its repayment schedule.
Source:
Mubasher
