No exposure in Dubai: Sobha DevelopersPublished on Fri, Nov 27, 2009 at 15:53 | Source : Reuters Updated at Fri, Nov 27, 2009 at 16:08 9761 Investors following Sobha Developer. Share this News with them.
Sobha Developers Ltd has no exposure in Dubai, but the group does operate in the Middle East through various companies unrelated to the Indian listed firm, its chairman said on Friday. "Sobha in Dubai is completely different from Sobha here. All these companies have nothing to do with Sobha (Developers) in terms of ownership," Chairman PNC Menon told Reuters over phone from Bangalore. He, however, said he personally owns stakes in Middle Eastern companies with other partners and has operations in Bahrain, Dubai and Oman. Menon said the Middle East business group had completed and sold off three commercial business towers and one residential tower. At 1.57 p.m., shares of Sobha Developers were down 6.59% at Rs 216.3 in a weak Mumbai market.
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