Aug 15, 2008
CDL's new debt issue to tap Islamic sources
CITY Developments (CDL) is planning to raise funds through what will be
Singapore's first Islamic unsecured financing arrangement.
The developer said it will issue a $1 billion Islamic multi-currency
medium-term notes programme. This will allow CDL to tap new markets and
investors, including Islamic sources, for possible acquisitions in a
slowing economy.
'It is to keep ourselves liquid so we are ready to bottom-fish at any
time,' said CDL executive chairman Kwek Leng Beng.
The group said in a statement it is 'optimistic that under this
challenging economic situation lies tremendous opportunities'. This
deal will give it a 'diversified, alternative and non-traditional
financing stream to further enhance its war chest.'
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