GFH repays over us$37 million for debt syndicates

Press release

Published October 5th, 2015 - 09:31 GMT

Al Bawaba

GFH Financial Group (GFH), the Bahrain based financial group, today announced that it has repaid US$37.5 million to its debt syndicates. These repayments are in addition to US$33 million paid by GFH to its debt holders in 2014, and represents more than 30% of the Group’s outstanding facilities.

Commenting, Mr. Hisham Al Rayes, CEO of GFH Financial Group, 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 US$1 billion compared with the current US$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 outstanding debt of US$ 137 million under three facilities to be repaid on an amortized basis through 2018/2019. As of 30 June 2015, the Group’s debt to equity ratio stood at only 0.24 underscoring the strength of GFH’s balance sheet.

Background Information

Gulf Finance House

GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.