24th Jul 2024 14:38
Dar Global PLC - London-based luxury real estate developer and representative of Dar Al Arkan Real Estate Development Co PJSC - Dar Global and its majority shareholder Dar Alarkan Global Investment LLC secure a loan facility for up to USD275 million from Dubai's Emirates NBD Bank PJSC and other consortium partners. Dar Al Arkan Real Estate Development Co pledges 158.0 million Dar Global shares to Emirates NBD and the other lenders as security for the lending facility. The proceeds from the facility will be extended to Dar Global by Dar Alarkan Global Investment as a secured loan with a term of up to 42 months. The loan is priced at a "competitive" fixed margin over a benchmark, the Emirates interbank offered rate.
"This capital demonstrates the strong support we have from our parent company," says Dar Global Chief Executive Officer Ziad El Chaar. "It will allow us to take advantage of additional growth opportunities as we actively pursue a number of projects in our target markets, including the UAE, UK, United States and Saudi Arabia."
Current stock price: USD3.14 for USD601.3 million market capitalisation
12-month change: down 15%
By Tom Waite, Alliance News editor
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