لريس: بيت التمويل بمراحل متقدمة و ايجابية لتاجيل استحقاق صكوك و استحواذات جديدة
اعتذر الخبر الحين نزل و بعده ما تترجم بالعربية
بس ينزل بالعربي بحطه بالعربي
Gulf Finance holds talks to reschedule $137m bond payment
Wednesday, 4 April 2012 at 17:24, Bloomberg
GFH has raised as much as $140m through a convertible murabaha that it started last year. (JUN CARGULLO/ALRROYA)
Gulf Finance House EC, a Bahraini investment bank that’s implementing a recapitalisation plan, is in talks with bondholders to reschedule repayments of about $137 million, acting Chief Executive Officer Hisham al-Rayes said.
“We are not worried about that at all as talks have been going on smoothly” with bondholders, al-Rayes said in a phone interview today from Manama. “We have received positive indications from our lenders and if all goes well, we expect to announce good news in a month’s time.”
Gulf Finance’s floating rate sukuk is due July 26 with an outstanding payment of $137.7m, according to data compiled by Bloomberg. The bank sold the five-year Islamic bonds in 2007 at 125 basis points over the three-month London Interbank Offered Rate. The rate was increased by 50 basis points after the bank’s investment grade was reduced to junk, according to the data.
The Manama-based lender, which returned to profit in 2011 for the first time in three years, has raised as much as $140m through a convertible murabaha program that it started last year, al-Rayes said. “It started slow last year, but with good results of GFH, the market’s appetite has improved,” he said. The bank targets to raise $300m although it has regulatory approval for $500m.
Gulf Finance, through a unit which teamed up with Gürmen Group, bought Turkey’s Adabank for $75m in August. The lender expects to conclude other acquisitions in Turkey and Persian Gulf region during this year, al-Rayes said.
The investment bank, which made a loss of $349m in 2010 and $728m a year earlier, reported a profit of $381,000 in 2011. The shares listed in Dubai have surged 55 per cent year. The stock is also listed in Kuwait and Bahrain.
“We expect a positive figure” in the first-quarter, al- Rayes said.
http://english.alrroya.com/content/gulf-finance-holds-talks-reschedule-137m-bond-payment
