Dubai: «The Gulf»
Dubai Aviation Industries Limited announced yesterday, Tuesday, that its board of directors and shareholders have granted the company a mandate to add $ 300 million to the bond repurchase program that will be implemented through open market operations. The company revealed that it has so far repurchased $ 555 million of the principal amount of its bonds traded under previous mandates of $ 600 million.
“Since the program was resumed last week, we have repurchased $ 70 million of bonds,” said Firoz Tarapur, the company’s CEO. Dubai Aerospace Industries currently has approximately $ 2.75 billion of bonds outstanding in US financial markets.