RAK govt. clarifies that it does not own stake in JBF RAK
The Ras al-Khaimah Investment Authority (RAKIA), a state body in the emirate of Ras al-Khaimah, said on Monday it does not own a stake in JBF RAK, a manufacturer which is in talks with banks on renegotiating around AED2bn (USD545mn) of debt. Yesterday a Reuters story said that the company was 60% owned by RAKIA.
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