uae dates company l.l.c. (international finance project)

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  • 7/21/2019 UAE Dates Company L.L.C. (International Finance Project)

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    XMHNmthsO`.I.I.O.

    Whp`rtLfthrfmtl`fmi JlfmfolmiKmfmbhkhft

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    O`fthfts

    Hxhoutlvh _ukkmry...................................................................................................................?

    Lftr`nuotl`f................................................................................................................................>

    Qr`nuot.......................................................................................................................................>

    E`kh Ourrhfoy..........................................................................................................................>

    J`rhlbf Hxoemfbh Hxp`surh mfn Kmfmbhkhft..........................................................................8

    Ho`f`klo Hxp`surh...............................................................................................................8

    rmfs!mtl`f Hxp`surh..............................................................................................................8

    rmfsmotl`f Hxp`surh.................................................................................................................8

    J`r"mrn#Juturhs Kmr$ht Ehnbh.............................................................................................%

    K`fhy Kmr$ht Ehnbh............................................................................................................&

    'ptl`f Kmr$ht Ehnbh...........................................................................................................()

    *hst ehnblfb m!thrfmtlvh+..........................................................................................................((

    ,hy -mot`rs m--hotlfb teh hxoemfbh rmth lf hmoe o`uftry.........................................................(

    Jmot`rs /--hotlfb Hxoemfbh rmth lf 1_ mfn 1/H+...............................................................(

    Jmot`rs /--hotlfb Hxoemfbh =mth lf 7hrkmfy+....................................................................(

    Q`!ltlom! rls$ lf 1/H................................................................................................................(

    O`fo!usl`fs..............................................................................................................................(?

    =h-hrhfohs................................................................................................................................(>

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    Hxhoutlvh _ukkmry

    els pr`hot pr`vlnhs -u!! $f`"!hnbh `f kmfmblfb teh hxoemfbh rmth hxp`surh lt stmrts y

    pr`vlnlfb m !ltt!h lftr`nuotl`f `f teh o`kpmfy l.h. :1/H 2mths O`. 5.5.O.< mfn lts pr`nuots.

    1/H 2mths hxp`rts nmths -r`k 1/H t` o`uftrlhs lf Hur`ph teh km`r oust`khr ls 7hrkmfy.

    /-thr pr`vlnlfb nhtml!s `f o`kpmfy teh lf-`rkmtl`f `f kmfmblfb hxoemfbh rls$ hxp`surh ls

    pr`vlnhn y nh-lflfb Ho`f`klo Hxp`surh rmfs!mtl`f Hxp`surh mfn rmfsmotl`f Hxp`surh.

    1/H 2mths `f!y -mohs trmfsmotl`f hxp`surh tehrh-`rh teh rhp`rt tm$hs m nhhp !``$ lfslnh m!!

    teh ehnblfb strmthblhs mvml!m!h t` kmfmbh trmfsmotl`f Hxp`surh.

    rmfsmotl`f Hxp`surh ls hxp!mlfhn y tm$lfb mf hxmkp!h `- 1/H 2mths sm!hs t` teh uyhr lf

    7hrkmfy m-thr m omrh-u! mfm!ysls mfn om!ou!mtl`fs teh rhp`rt o`fo!unhn temt teh hst ehnblfb

    strmthby t` kmfmbh hxoemfbh rmth hxp`surh ls 'ptl`f Kmr$ht Ehnbh homush `ptl`fs pr`vlnh

    teh `"fhr teh rlbet ut f`t teh `!lbmtl`f t` hxhrolsh mt m blvhf prloh. Hfm!lfb 1/H 2mths t`

    tm$h mnvmftmbh `- teh -mv`urm!h hxoemfbh rmth k`vhkhfts.

    Jmot`rs m--hotlfb teh hxoemfbh rmths lf 1/H 1_ mfn 7hrkmfy mrh nlsousshn orhnlt orufoe `-

    teh "`r!n hlfb teh kmlf -mot`r lbfltlfb teh hxoemfbh rmth k`vhkhfts. eh p`!ltlom! rls$s lf

    1/H mrh nlsousshn lf teh hfn -`!!`"hn y m o`fo!usl`f3 elbe!lbetlfb teh -mot temt `ptl`f

    kmr$ht ehnbh ls teh hst ehnblfb strmthby t` kmfmbh hxoemfbh rmth hxp`surh.

    ?

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    Lftr`nuotl`f

    1/H 2mths O`. 5.5.O. "l!! h m !`om! o`kpmfy mshn lf 2uml mfn teh o`rh uslfhss `- teh

    o`kpmfy "l!! h t` hxp`rt nmths pr`nuohn -r`k 1/H. 1/H ls "h!! $f`"f lf pr`nuolfb nmths

    hspholm!!y homush `- teh rloe -!mv`ur `- teh nmths pr`nuohn lf 1/H.

    1/H 2mths O`kpmfy

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    J`rhlbf Hxoemfbh Hxp`surh mfn Kmfmbhkhft

    *h-`rh stmrtlfb t` hxp!mlf "e` teh trmfsmotl`f hxp`surh "l!! h kmfmbhn lf 1/H 2mths

    O`kpmfy "h kust h prhpmrhn t` nhm! "lte terhh typhs `- ourrhfoy hxp`surh "eloe mrh

    ho`f`klo hxp`surh trmfsmotl`f hxp`surh mfn trmfs!mtl`f hxp`surh 4Huf M =hsflo$ ))(;.

    Ourrhfoy hxp`surh ls teh km`r rls$ -molfb m -lrk rhohlvlfb sm!hs k`fhy lf -`rhlbf

    ourrhfolhs.

    Ho`f`klo Hxp`surhHo`f`klo hxp`surh ls teh mk`uft y "eloe teh vm!uh `- teh 1/H 2mths O`kpmfy "l!! h

    m--hothn y teh oemfbhs lf hxoemfbh rmths. Ho`f`klo hxp`surh "l!! h mt teh klflkm! -`r `ur

    o`kpmfy ms teh e`kh ourrhfoy l.h. /H2 ls phbbhn t` 1_2. 2uh t` tels phb teh ufmftlolpmthn

    hxoemfbh rmth -!uotumtl`fs lf /H2 mbmlfst 1_2 mrh klflkm! km$lfb lt teh hst p!moh -`r teh

    "`r!n t` n` uslfhss. eh p`!loy `- e`!nlfb teh /H2 phb t` 1_2 ls hhf rhohlvlfb m !`t `-

    orltlolsk rhohft!y 4G`fhs 'plfl`f )((;. els phb "l!! mot lf -mv`ur `- 1/H 2mths O`kpmfy

    mfn "l!! rhnuoh teh ho`f`klo hxp`surh `- 1/H y -`!!`"lfb teh "`r!n

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    H1= mfn "h emvh t` o`fvhrt lt t` 1_2 teh hxoemfbh rmth -!uotumtl`fs kmy rhsu!t lf !`sshs l-

    trmfsmotl`f hxp`surh ls f`t kmfmbhn. eh trmfsmotl`f hxp`surh o`u!n h kmfmbhn y ehnblfb

    teh trmfsmotl`f hxp`surh uslfb nl--hrhft -lfmfolm! o`ftrmots ms -`!!`"s+

    J`rwmrn/Juturhs Kmrht Ehnbh

    Ourrhfoy -`r"mrn o`ftrmots mrh teh k`st ushn -lfmfolm! nhrlvmtlvhs t` ehnbh teh trmfsmotl`f

    hxp`surh. 1/H 2mths "l!! sh!! lts sm!hs rhohlvm!hs lf H1= -`r"mrn t` h!lklfmth teh hxoemfbh

    rls$ mss`olmthn lf tels trmfsmotl`f. ` ehnbh trmfsmotl`f hxp`surh uslfb -uturhs kmr$ht ehnbh

    !hts mssukh "h emvh kmnh sm!hs lf Kmroe )(? `f m terhh k`ftes orhnlt lf tels o`ftrmot teh

    pmykhft `- H1= ()) kl!!l`f ls pmym!h y teh uyhr `- nmths lf 7hrkmfy mfn 1/H 2mths

    "l!! rhohlvh H1= ()) kl!!l`f -`r supp!ylfb nmths t` teh uyhr lf 7hrkmfy `f Kmy )(?. Lf

    tels sltumtl`f teh k`fhy kmr$ht lfthrhst rmths mfn -`rhlbf hxoemfbh rmths mrh blvhf h!`"+

    ^eh X._. lfthrhst rmth3 1.78% phr mfuk

    ^eh Bhrkmfy lfthrhst rmth3 1.28% phr mfuk

    ^eh sp`t hxoemfbh rmth3 (.?)08 H1=#1_2

    ^eh j`rwmrn hxoemfbh rmth3 (.?)0& H1=#1_2 Juturh 4?k`ftes

    kmturlty;

    ehrh-`rh t` ehnbh -`rhlbf hxoemfbh hxp`surh lf tels trmfsmotl`f 1/H 2mths "l!! slkp!y sh!!

    -`r"mrn lts sm!hs rhohlvm!hs H1= ()) kl!!l`f -`r nh!lvhry lf terhh k`ftes l.h. Kmy )(? lf

    hxoemfbh -`r m blvhf mk`uft `- 1_2. J`r tels purp`sh X!"X_# $uturhsmrh mvml!m!h `f

    9N_H H1='9H 49N_H H1='9H )(?; teh prlohs ms `- (8 Kmroe )(? mrh

    nlsp!myhn y teh -`!!`"lfb tm!h.

    %

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    Ehrh teh ms$ -`r sh!!lfb H1=#1_2 -uturhs -`r nh!lvhry `f (? teKmy )(? ls (?).0& teh

    o`ftrmot sphol-lomtl`fs -`r tels o`ftrmot mrh+

    Xflt `j ^rmnlfb3 X! 71111

    &u`tmtl`f3 'f X_# phr X! (11 )X_# 1.1( rhprhshfts X_# 711 phr o`ftrmot*

    ehrh-`rh -r`k tels ms$ prloh `- H1=#1_2 -uturhs (?).0& ls teh ms$ -`r H1= ()) "h omf

    om!ou!mth teh ms$ -`r H1=( ms -`!!`"lfb+

    (+1.2, - (11 (.+12, X!"X_# juturhs j`r nh/lhry lf =my 71(+.

    Ehfoh teh -`r"mrn hxoemfbh rmth -`r ( H1= ls 1_2 (.?)0H1= -`r nh!lvhry lf /prl! f`"

    "h omf om!ou!mth teh sm!hs rhohlvm!hs `- H1= ())))), nuh lf /prl!. 'f teh nmy `- kmturlty

    `- tels -`r"mrn o`ftrmot 1/H 2mths "l!! tm$h nh!lvhry `- 4H1= ())))), x 1_2

    (.?)0H1=; 1_2 (?)0&),. eh -`!!`"lfb tm!h prhshfts teh -lburhs+

    Whohlpts jr`k _mihs `j Nmths lf Bhrkmfy

    _p`t Hxoemfbh

    rmth `f Kmturlty

    Nmth

    Xfehnbhn Q`sltl`f J`rwmrn Ehnbh Bmlfs/I`sshs jr`k

    Ehnbh

    X_N !"#$% X_N "#&$%#' X_N "#&$(#' X_N )#'

    X_N !"#$) X_N "#&$)#' X_N "#&$(#' X_N %#'

    X_N !"#$" X_N "#&$"#' X_N "#&$(#' X_N *#'

    els hxmkp!h o!hmr!y se`"s temt l- 1/H 2mth "ms ufehnbhn -`r lts pmykhft nuh lf /prl! "h

    "`u!n emvh kmnh !`sshs `- up t` 1_2 >)))). els -uturh o`ftrmot hfm!hn us t` sm-h bumrn

    mbmlfst teh hxoemfbh rmth -!uotumtl`fs ms se`"f lf teh tm!h m`vh. J`r teh purp`sh `- tels

    hxmkp!h teh sp`t rmth `- H1=#1_2 "ms tm$hf -r`k yme`` ourrhfoy -lfmfoh teh elst`ry `- teh

    sp`t rmth `- H1=#1_2 ls -`!!`"lfb.

    ^eh sp`t hxoemfbh rmth3 (.?)08 H1=#1_2 ms `- Kmroe (8 ))0

    eh lfthrhst rmths `- Jhnhrm! =hshrvh mfn 7hrkmfy "ms rhtrlhvhn -r`k hur` stmtlstlos "hslth

    4`r!n Lfthrhst =mths f.n.;. eh lfthrhst rmths se`" temt "h "l!! h lkp`rtlfb b``ns t`

    o`uftrlhs "lte elbehr lfthrhst rmths. eh sp`t hxoemfbh rmth rhtrlhvhn -r`k yme`` -lfmfoh ls

    (.?)08 H1=#1_2 4Nme`` Jlfmfoh )(?;. eh -`!!`"lfb brmpe se`"s teh k`vhkhft `-

    H1=#1_2.

    0

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    eh brmpe m`vh se`"s teh elst`ry `- teh hxoemfbh rmth ht"hhf 1_2 mfn H1=.

    K`fhy Kmrht Ehnbh

    1/H 2mths omf m!s` kmfmbh lts trmfsmotl`f hxp`surh y !hfnlfb mfn `rr`"lfb lf 1/H mfn

    7hrkmfy. ` orhmth m k`fhy kmr$ht ehnbh teh 1/H 2mths "l!! `rr`" lf H1= o`fshAuhft!y

    orhmtlfb lts msshts mfn !lml!ltlhs lf teh smkh ourrhfoy. 'f teh kmturlty nmth `- teh !`mf lf

    H1= lf 7hrkmfy "l!! hfm!h 1/H 2mths t` km$h teh pmykhft t` teh !hfnhr "ehf teh sm!hs

    k`fhy ls rhohlvhn lf H1=. ehrh-`rh 1/H 2mths rhnuohn lts hxp`surh t` hxoemfbh rmth

    -!uotumtl`f lf H1=#1_2.

    eh k`fhy kmr$ht ehnbh lfv`!vhs -`!!`"lfb sthps -`r teh sm!hs k`fhy H1= ()) kl!!l`f

    _^ (3 ?m/ou/mtlfb mk`uft t` >`rr`w

    eh mk`uft t` h `rr`"hn omf h om!ou!mthn ms -`!!`"s+

    Qrlfolpm! *`rr`"hn 6 Qrlfolpm! B 4( Lfthrhst rmth lf 7hrkmfy;

    Qrlfolpm! *`rr`"hn 6 H1= ()))))))) B (.))08

    Qrlfolpm! *`rr`"hn 6 H1= &&888? lf 7hrkmfy

    _^ 73 ?`fhrt lft` X_# mt X!"X_# (.+182 )_p`t =mroe (8 7112*

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    1_2 Qrlfolpm! *`rr`"hn 6 H1= &&888? x (.?)80 6 1_2 (&8&)(>

    _^ +3 'fhst X_# (7,8,1(: lf teh Xflthn _tmths.

    _^ :3 ?`//hot X! (11 kl//l`f jr`k teh >uyhr `j nmths lf Bhrkmfy lf prl/ mfn ush

    lt t` rhpmy teh /`mf X! ,,7888+.

    _^ 83 !hohlh teh kmturlty `j teh n`//mr lfhsthn3

    1_2 (&8&)(> x 4(.))8; 6 1_2 (&&))&

    1_2 (&&))& mrh teh pr`-lts -r`k orhmtlfb m k`fhy kmr$ht ehnbh teh -`!!`"lfb tm!h

    se`"s teh om!ou!mtl`fs.

    rmfsmotl`f Ourrhft Omse J!`" Omse J!`" mt Kmturlty

    ( *`rr`" H1= H1= &&888? H1= ())))))))

    *uy 2`!!mrs 1_2 (&8&)(>

    ? Lfvhst lf 1_ 1_2 (&8&)(> 1_2 (&&))&> O`!!hot H1=

    rhohlvm!hs

    H1= ())))))))

    9ht Omse J!`" 1_2 (&&))&

    !ptl`f Kmrht Ehnbh

    ` orhmth m `ptl`f kmr$ht ehnbh 1/H 2mths "l!! uy m H1=#1_2 plt `ptl`f lf `rnhr t`

    ehnbh lts hxp`surh t` H1= lf teh smkh hxmkp!h ms m`vh "el!h rhohlvlfb sm!hs k`fhy `-

    H1= ()))))))) lf Kmy -`r teh sm!hs lf Kmroe.

    eh sp`t H1=#1_2 6 (.?)80

    Ehrh 1/H 2mths "l!! uy m put `ptl`f "lte m strl$h (?(.)) ms se`"f lf teh -`!!`"lfb -lburh

    49N_H H1='9H )(?;.

    &

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    eh o`ftrmot sphol-lomtl`fs -`r tels o`ftmot mrh+

    Cu`tmtl`f 1_ 2`!!mrs phr H1= ())

    ehrh-`rh strl$h -`r (H1=#1_2 `ptl`f "l!! h (.?())

    'ptl`f Qrhkluk 6 .>8 B ()) 6 1_2 ).)>8

    ` uy teh put o`ftrmot 1/H 2mths "l!! pmy teh `ptl`f prhkluk lf mnvmfoh "eloe "l!! h

    1_2 >8)))) 4H1= ()))))))) x ).)>8;. *y pmylfb teh `ptl`f prhkluk 2uml 2mths

    "l!! hfthr teh o`ftrmot lf "eloe 1/H 2mths "l!! emvh teh rlbet ut f`t teh `!lbmtl`f t`

    hxhrolsh teh `ptl`f lf Kmy mt teh strl$h prloh `- (.?()).

    9`" mssukh lf /prl! teh sp`t rmth -`r H1=#1_2 (.&)) ehrh 1/H 2mths "l!! hxhrolsh lts

    `ptl`f mt teh strl$h prloh `- H1=#1_2 (.?()) t` rhohlvh+

    H1=#1_2 'ptl`f (.?()) x H1= ()))))))) 6 1_2 (?())))))

    L- "h emn f`t orhmthn `ptl`f ehnbh "h "`u!n emvh rhohlvhn teh -`!!`"lfb rmth `f teh sp`t

    H1=#1_2 lf /prl! (.&))

    ()

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    H1=#1_2 (.&)) x H1= ()))))))) 6 1_2 (&))))))

    5`sshs 6 1_2 (& kl!!l`f D 1_2 (?( kl!!l`f 6 1_2 kl!!l`f

    Emn 1/H 2mths f`t orhmthn teh ehnbh teh o`kpmfy "`u!n emvh !`st 1_2 kl!!l`f ehrh-`rh

    y orhmtlfb teh `ptl`f kmr$ht ehnbh 1/H 2mths kmfmbhn teh hxoemfbh hxp`surh mfn m!s`

    kmnh m pr`-lt `- 1_2 kl!!l`f.

    "hst ehnblfb mithrfmtlvh#

    Juturhs kmr$ht ehnbh mfn K`fhy kmr$ht ehnbh rhk`vh teh hxoemfbh hxp`surh o`kp!hth!y

    tehrh-`rh 1/H 2mths omff`t hfh-lt -r`k -mv`urm!h oemfbh lf lfthrhst rmths.

    /!s` Juturhs kmr$ht ehnbh lfns teh `rbmflImtl`f lf m o`ftrmot "lte mf `!lbmtl`f t` hxhrolsh

    teh -uturh hvhf l- teh sm!hs o`ftrmot "ms omfoh!!hn.

    eh *hst ehnblfb m!thrfmtlvh ls teh `ptl`f ehnblfb ms lt m!!`"s 1/H 2mths t` tm$h mnvmftmbh

    `- -mv`urm!h hxoemfbh rmths k`vhkhft. /!s` mt teh smkh tlkh teh `ptl`fs o`ftrmot n`hs f`t

    lfn 1/H 2mths t` hxhrolsh teh `ptl`f hvhf "ehf teh hxoemfbh rmth ls f`t -mv`urm!h

    tehrh-`rh teh o`kpmfy ems f` `!lbmtl`f t` teh o`ftrmot. O`fshAuhft!y "h omf stmth temt teh

    hst ehnblfb strmthby -`r 1/H 2mths ls 5ptl`fs =mr

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    J`!!`"lfb teh orhnlt orufoe teh b`vhrfkhft `- 7hrkmfy ems t` o`kh up "lte musthrlty p!mfs

    t` rhnuoh b`vhrfkhft sphfnlfb lf `rnhr t` o`ftr`! teh nht `- teh o`uftry.

    eh upo`klfb h!hotl`fs lf 7hrkmfy ls mf`tehr -mot`r m--hotlfb teh hxoemfbh rmth `- H1=

    4Olfl )(?;. Lf tlkhs `- orhnlt orufoe "ehf km`r o`uftrlhs `- Hur`ph mrh hlfb n`"fbrmnhn

    mfn rhohlvlfb -lfmfolm! lfhotl`fs -`r Hur`phmf 1fl`f h!hotl`f lf 7hrkmfy p!my mf lkp`rtmft

    r`!h lf teh hxoemfbh rmth `- H1=.

    Q`iltlomi rls lf ('H

    eh rhm! hstmth orlsls lf ))& mfn teh orhnlt orufoe ls ho`klfb m p`!ltlom! rls$ lf nlst`rtlfb

    ho`f`klo rh!mtl`fs ht"hhf teh hklrmths `- 1/H k`st `- m!! /u 2eml ems hfh-lthn teh

    k`st "lte `l! rhvhfuhs spmr$lfb teh p`!ltlom! o`f-r`ftmtl`f ht"hhf teh hklrmths `- 1/H

    4=huthrs )((;. *ut teh `l! rloe 1/H ems mff`ufohn -urtehr lfvhstkhfts t` nhm! "lte teh

    e`uslfb orlsls mfn teh orhnlt orufoe "eloe "l!! nh-lflth!y rhvltm!lIh 1/H ho`f`ky `ut `- teh

    orhnlt orufoe.

    O`foiusl`fseh km`r p`!ltlom! rls$ -mohn t` 1/H 2mths ls teh orltlolsk `f 1/H mfn 1_2 phb mfn teh

    p`!ltlom! -mot`rs nhrml!lfb teh p`!ltlom! rhst lf 1/H. eh hst ehnblfb strmthby t` kmfmbh teh

    hxoemfbh rls$ lfv`!vhn lf teh trmfsmotl`fs `- m ku!tlfmtl`fm! -lrk !l$h 1/H 2mths ls teh

    `ptl`f kmr$ht ehnbh.

    eh "`r!n ems ho`kh m b!`m! vl!!mbh mfn teh orhnlt orufoe lf teh b!`m! vl!!mbh "l!! emvh lts

    n`klf`

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    )h%hrhfohs

    Olfl G. 4)(? Jhrumry (;.Khkghrs. =htrlhvhn Kmroe ( )(? -r`k H1uslfhss+

    ettp+##""".huuslfhss.o`k#Khkhrs#olfl#bhrkmfy(?

    Huf O. _. M =hsflo$ 7. *. 4))(;.Lfthrfmtl`fmi Jlfmfolmi Kmfmbhkhft4fn hn.;. 9h"

    N r$+ Ko7rm"El!! Elbehr Hnuomtl`f.

    G`fhs =. 4)(( 9`vhkhr (;. @plfl`f.=htrlhvhn Kmroe (0 )(? -r`k eh 9mtl`fm!+

    ettp+##""".tehfmtl`fm!.mh#tehfmtl`fm!o`fvhrsmtl`f#lfnustrylfslbets#-lfmfoh#umh

    se`u!nnr`pnlremksphbt`usn`!!mrsmysho`f`klst

    G`fhs =. 4)(( 9`vhkhr (;. @plfl`f. =htrlhvhn Kmroe ( )(? -r`k eh 9mtl`fm!+

    ettp+##""".tehfmtl`fm!.mh#tehfmtl`fm!o`fvhrsmtl`f#lfnustrylfslbets#-lfmfoh#umh

    se`u!nnr`pnlremksphbt`usn`!!mrsmysho`f`klst

    (?

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