One of the Gulf's largest mall developers and exclusive franchisee of hypermarket chain Carrefour, Majid Al Futtaim (MAF) Holding has taken initial steps towards issuing bonds, a senior executive said yesterday.
The company did not elaborate on its plans for a potential bond sale, but three sources said it was in talks with a small group of banks to discuss the process of issuing debt.
"We have obtained credit ratings as the first step in our preparatory work to raise capital through a bond issue. We will announce further details in due course," said Daniele Vecchi, senior vice-president for group treasury at the firm in a statement to Reuters.
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