(Corrects interest rate in second paragraph of story first published Feb. 16)
Joyalukkas International, a Dubai- based jewelry retailer, plans to raise $100 million from a syndicated loan, a company official said.
Standard Chartered Plc (STAN), Emirates NBD PJSC (EMIRATES) and Bank of Bahrain & Kuwait helped arrange the facility, Tomy Joseph, general manager for marketing and business development at Joyalukkas International, said in a phone interview today. The loan agreement, which will be signed on Feb. 19, will pay 3.75 percent above the London interbank offered rate, he said.
“The loan will be used to finance our expansion in the Middle East, Far East and Europe,” Joseph said. Joyalukkas plans to open a showroom in Singapore by April, he said.
The company is owned by Joy Alukkas, a non-resident Indian businessman from the southern Indian state of Kerala. The group has an annual turnover of more than $1 billion, Joseph said.
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