GFH repays $37 million to debt syndicates

Bahrain-based GFH Financial Group (GFH) on Monday announced that it has repaid $37.5 million to its debt syndicates. These repayments are in addition to $33 million paid by GFH to its debtholders in 2014, and represents more than 30 per cent of its outstanding facilities.

“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,” said Hisham Al Rayes, CEO of GFH Financial Group

“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,” he added.

Today, the group has outstanding debt of $137 million under three facilities to be repaid on an amortised basis through 2018/2019. As of June 30, 2015, the group’s debt to equity ratio stood at 0.24.

 

Follow Emirates 24|7 on Google News.