GFH to acquire $200m Villamar sukuk from Al Rajhi Bank
MANAMA, October 2, 2018
GFH Financial Group (GFH) has announced that it has agreed to acquire $200 million of Villamar Sukuk Company Limited sharia-compliant sukuk certificates from Al Rajhi Bank.
It is to be noted that the sukuk was issued to finance the iconic Villamar residential complex project at the Bahrain Financial Harbour in Bahrain.
The acquisition is expected to reflect positively on GFH’s financials during the second half of 2018, due to preferential pricing obtained by the group, said a statement.
Hisham Alrayes, CEO of GFH, said: “We are pleased to announce this important acquisition for the Villamar Sukuk by the group. The acquisition will allow GFH to complete the flagship Villamar project and achieve higher financial returns.
“Villamar will soon be in partnership with one of the most recognised hospitality groups that will set new standards for premium living in Bahrain. We plan to reap the fruits from this unique project on its completion, which is expected over the next 12 to 18 months,” he said. - TradeArabia News Service
