(MENAFN- Khaleej Times) Majid Al Futtaim Holding, the Dubai company that bought Carrefour's stake in its Middle East joint venture, may sell debt this week after delaying a planned offering last week because of soaring borrowing costs.
"There has been a prevailing risk-off mood in the market as a result of what's happening in treasuries," MAF group treasurer Daniele Vecchi said by phone from Dubai on Thursday. "Probably this week nothing will happen. If the market stabilises we will still be keen to print a deal."
MAF planned to raise about $500 million in perpetual securities this week to fund the Carrefour purchase, MAF CEO Iyad Malas said May 25. The 25 per cent stake in Majid Al Futtaim Hypermarkets cost €530 million ($687 million). The company is considering a bid for Abraaj Group's stake in Spinneys and expects to complete talks with Egypt's Mansour Group for the acquisition of its Metro supermarket chain within weeks.
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