Mumtalakat says loan will help refinance part of a larger five-year facility
Bahrain sovereign fund Mumtalakat said on Monday it had signed a $250 million loan to help refinance part of a larger five-year facility.
The revolving credit facility covers about half of a $500 million five-year loan which the fund had signed in August 2008. The other half had been partly repaid and partly refinanced over the past two years, the fund said in a statement.
The loan forms part of Mumtalakat's overall financing and funding strategy, Mahmood Al Kooheji, CEO of Mumtalakat, said in the statement.
Five banks - National Bank of Bahrain, Gulf International Bank, BBK, Jordan's Arab Bank and Dubai's Mashreq - provided the new loan. The statement gave no other details about the loan.
One of the smaller sovereign wealth funds in the Gulf region, Mumtalakat had $7.1 billion of assets under management at the end of September. It holds stakes in 40 firms in the kingdom's non-oil sector, including Bahrain Telecommunications Co (Batelco) and Aluminium Bahrain (Alba).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.