* MAF to hold roadshows on Jan. 29 and 30
* Aims for debut sukuk issue
* Four banks arranging investor meetings
(Adds details, background)
DUBAI, Jan 24 Dubai's Majid al Futtaim
will begin meeting investors on Sunday ahead of a potential
Islamic bond, or sukuk issue, a statement from the lead managers
said on Tuesday.
The mall developer, which is the sole franchise for
Carrefour in the Gulf, will meet investors in Abu
Dhabi and Dubai on January 29, before a second day of roadshows
in London and Kuala Lumpur on January 30, it said.
Abu Dhabi Islamic Bank, Dubai Islamic Bank
, HSBC and Standard Chartered are the
lead managers for the potential transaction, which would be the
company's first debt capital markets issue.
The company has been eyeing global debt markets for several
months, completing a series of roadshows for a conventional bond
in June but not going ahead with a print because of the impact
of market volatility on pricing.
It then set up a sukuk programme to have the option to tap
Islamic liquidity and take advantage of healthy demand for
sharia-compliant assets amid ongoing global risk aversion.
A senior executive told Reuters in November the company
hoped to raise between $350 million and $500 million from its
debut sukuk offering.
This would be the first issuance by a private corporate firm
in the Gulf and is regarded as a vanguard for other private
sector companies in the region who, hit by limited liquidity in
the loan market, are searching for new finance streams.
The unlisted firm raised $1 billion loan from a group of
banks in July which was used for refinancing of a $1 billion
loan maturing later this year.
MAF's revenues grew by 10 percent year over year to 18.7
billion dirhams ($5.09 billion) last year and its net debt was
around 7.5 billion dirhams.
The developer expects to open around 15 new Carrefour
hypermarkets and about 25 to 30 new supermarkets in 2012.
(Reporting by Praveen Menon; Editing by David French)