Tuesday 26 January 2010
Dubai eyes Bank Muscat stake sale to pay debt-bankers
Dubai Holding, the conglomerate owned by the ruler of the Gulf Arab emirate, is looking to sell its stake in Bank Muscat as it offloads low-profile assets to meet its debt burden, bankers and analysts said on Tuesday.
Dubai Holding, which has $1.25 billion in debts maturing in the first half of 2010, is in focus after state-owned Dubai World shook global markets and investor confidence in November by saying it would delay repaying $26 billion in debt.
Bankers and analysts say Dubai Holding, whose listed assets include a stake in Oman's Bank Muscat and HSBC, could quietly seek to sell off low-profile, foreign-listed assets.
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