DIFC Investments (Difci), the investment arm of the company running Dubai's financial free zone, has likely sold software company SmartStream Technologies, resulting in a $68.8 million impairment provision, JP Morgan said in a research note.
Difci, which has been grappling with a debt pile including a $1.25 billion Islamic bond due in June, began seeking buyers for Smartstream in 2010 to raise much-needed cash.
In a footnote in its 2011 financial statements last week, Difci said it sold one of its discontinued businesses held-for-sale after the financial year ended to a 'related party.' It did not name the business.
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