Ras al-Khaimah fund says does not own stake in JBF RAK

JBF Industries

07/08/2017 17:06

DUBAI, Aug 7 (Reuters) - The Ras al-Khaimah Investment 
Authority (RAKIA), a state body in the emirate of Ras 
al-Khaimah, said on Monday it does not own a stake in JBF RAK, a 
manufacturer which is in talks with banks on renegotiating 
around 2 billion dirhams ($545 million) of debt.  urn:newsml:reuters.com:*:nL5N1KS061 
    JBF RAK's website says the company was established as a 
joint venture by India's JBF Group  JBFI.NS  and RAKIA in 2007. 
United Arab Emirates central bank records, seen by Reuters, show 
RAKIA owned 60 percent of JBF RAK.  
    However, RAKIA said in a statement to Reuters on Monday that 
it "has no share ownership" in JBF RAK.  
    "The company is 49 percent owned by JBF Global Pte. Ltd, a 
Singapore-based private company, with 51 percent ownership by a 
local UAE company," RAKIA said without elaborating. 
    JBF RAK, which makes a synthetic fibre and resin which is 
spun into fabrics but also moulded into disposable bottles for 
beverages, shampoo and liquid soap, did not respond to a request 
for comment.  
 
 (Reporting by Hadeel Al Sayegh; writing by Andrew Torchia; 
editing by Alexander Smith) 
 ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters 
Messaging: andrew.torchia.thomsonreuters.com@reuters.net)) 
 
Keywords: JBF RAK DEBT/