Jan. 8 (Bloomberg) -- Majid Al Futtaim Holding LLC, the operator of Carrefour SA stores in the Middle East, set up a $1 billion Islamic bond program to boost cash reserves.
Majid Al Futtaim hired HSBC Holdings Plc, Standard Chartered Plc, Abu Dhabi Islamic Bank PJSC and Dubai Islamic Bank PJSC as arrangers of the program, according its bond prospectus released via the Regulatory News Service.
The Dubai-based company will seek to raise about $500 million from the sale of five-year Islamic bonds, its treasury manager Daniele Vecchi said in November. Majid Al Futtaim raised $1 billion from a group of banks in July to refinance debt and to increase liquidity.
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