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 S$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.’
Source: Straits Times – 15 Aug 2008
Filed under: About Singapore, Developers Launches, Developers News, General, Investment, News : Straits Times, Property News
