DUBAI: The Ras Al Khaimah Investment Authority (Rakia) said on Monday it does not own a stake in JBF RAK, a manufacturer which is in talks with banks on renegotiating around Dh2 billion of debt.
JBF RAK’s website says the company was established as a joint venture by India’s JBF Group and Rakia in 2007.
United Arab Emirates central bank records, seen by Reuters, show Rakia owned 60 per cent 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 per cent owned by JBF Global Pte. Ltd, a Singapore-based private company, with 51 per cent 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.
