MAF plans series of investor meetings

Majid Al Futtaim Holding (MAF), the sole franchise of hypermarket chain Carrefour in the Gulf, has hired banks to arrange global investor meetings in the next two weeks, sources said. The developer and operator of shopping malls has set up a $2 billion (Dh7.34 billion) global bond programme, paving the way for a potential debt issue. The investor roadshow will be held in Abu Dhabi and Dubai, and in Singapore, Hong Kong, Zurich and London from Monday to June 28, the arranging banks said in a document. Barclays, Credit Agricole, HSBC and Standard Chartered will arrange the fixed income meetings. A likely bond sale from the company will be the first from a privately-owned firm in the UAE since the fallout of the global financial crisis. MAF\'s primary subsidiary is MAF Properties, which develops and manages shopping malls and hotels in the Gulf. It plans 11 more Carrefour Hypermarkets in 2011, of which one opened in April in Saudi Arabia, and others in the UAE, Iran, Oman, Egypt, Iraq and Pakistan later this year. Borrowers in the UAE, which has largely been shielded from the regional political unrest, are seeing the current narrowing spreads as an attractive invitation to tap global liquidity amid strong investor demand. The company is rated BBB by Standard and Poors and BBB by Fitch both with stable outlook. From / Gulf News