The state-owned Emirates General Petroleum Corporation (Emarat) has accumulated debt of almost Dh2 billion (US$544.51 million) and will need to raise additional capital as part of an overall restructuring programme, the company's chairman said yesterday.
Obaid Humaid al Tayer, Emarat's chairman and the Minister of State for Financial Affairs, appeared yesterday before the Federal National Council (FNC), the UAE's consultative body, to argue for an amendment that would allow the company to borrow money equal to 50 per cent of its equity.
Previously, the legislation that created Emarat allowed the company to borrow up to 25 per cent of its equity. The FNC passed the amendment, which now needs presidential approval.
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