GFH repays $37m to debt syndicates
MANAMA, October 6, 2015
GFH Financial Group (GFH), a Bahrain-based financial group, has repaid $37.5 million to its debt syndicates.
These repayments are in addition to $33 million paid by GFH to its debt holders last year, and represents more than 30 per cent of the group’s outstanding facilities, said a statement.
Hisham Al Rayes, chief executive officer, said: “We are pleased to continue to strengthen our balance sheet with the scheduled repayments to debt holders. Over the last seven to eight years, we have deleveraged significantly, having had liabilities in excess of $1 billion compared with the current $137 million.
“We are on track to repay these debts based on cash flow estimates from our business and in line with our strategy which remains focused on unlocking value and cash flow generation from our commercial and investment banking business as well as from Group subsidiaries.”
Today, the group has an outstanding debt of $137 million under three facilities to be repaid on an amortised basis through 2018/2019, said the statement.
As of June 30, the group’s debt to equity ratio stood at only 0.24 underscoring the strength of GFH’s balance sheet, it added. - TradeArabia News Service
