DAE ups bond repurchase programme

Dubai Aerospace Enterprise (DAE) Ltd. announced that its Board of Directors and Shareholders had authorised an additional $300 million (Dh1.10 billion) for bond repurchases to be conducted through open market transactions.

To date, DAE has repurchased $295 million of principal amount of its publicly-traded bonds under the previous authorisation of $300 million. DAE Chief Executive Office Firoz Tarapore said: “The current trading levels of our bonds are not consistent with our current credit ratings.” (Staff Report)