Google+ Followers

Monday, 7 August 2017

Ras al-Khaimah fund says does not own stake in JBF RAK

Ras al-Khaimah fund says does not own stake in JBF RAK:

"The Ras al-Khaimah Investment Authority (RAKIA), a state body in the emirate of Ras al-Khaimah, said on Monday it does not own a stake in JBF RAK, a manufacturer which is in talks with banks on renegotiating around 2 billion dirhams ($545 million) of debt. JBF RAK's website says the company was established as a joint venture by India's JBF Group and RAKIA in 2007. United Arab Emirates central bank records, seen by Reuters, show RAKIA owned 60 percent of JBF RAK. However, RAKIA said in a statement to Reuters on Monday that it "has no share ownership" in JBF RAK."



'via Blog this'