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Tue 12 Aug 2014 01:48 PM

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Bahrain's GFH says to list $200m sukuk on NASDAQ Dubai

Gulf Finance House to use proceeds from sukuk to repay existing debt, finance project development

Bahrain's GFH says to list $200m sukuk on NASDAQ Dubai
Bahrain-based Gulf Finance House plans to list its $200 million sukuk on NASDAQ Dubai.

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.

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