By Andy Sambidge
Gulf Finance House to use proceeds from sukuk to repay existing debt, finance project development
Bahrain-based Gulf Finance House (GFH) said on Tuesday it plans to list its $200 million sukuk on NASDAQ Dubai.
According to a statement published on Dubai and Kuwait stock exchanges, GFH has signed a memorandum of understanding with NASDAQ Dubai to list "in the coming months".
GFH said it plans to use the proceeds from the sukuk to repay current outstanding sukuk of $84 million and undertake business acquisitions for financial consolidation and project development in Bahrain and Dubai.
The issuance of GFH's $200 million Sukuk will take place in the coming months at a time to be announced, subject to regulatory approvals, the statement added.
In April, GFH obtained shareholders' approval for sukuk issuance or new debt facilities of up to $500 million.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.