Bahrain's GFH says it has repaid further $37.5m of debts

Financial company says repayments are in addition to $33m paid to its debt holders during 2014
Bahrain's GFH says it has repaid further $37.5m of debts
Hisham Alrayes, CEO of GFH. (Photo for illustrative purposes only)
By Staff writer
Mon 05 Oct 2015 03:23 PM

GFH Financial Group (GFH), the Bahrain-based financial group, 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 debt holders in 2014, and represents more than 30 percent of the Group’s outstanding facilities.

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 $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 outstanding debt of $137 million under three facilities to be repaid on an amortized basis through 2018/2019. 

Earlier this month, the group reported net profit of $13.6 million in the first six months of 2015, down on the $14.8 million it made in previous six months.

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