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01 Jun | Wednesday
Bahrain's GFH to issue $150 million sukuk

DUBAI, June 1 (Reuters) - Bahrain-based Islamic investment bank GFH Financial Group GFH.DU plans to make a $150 million issue of Islamic bonds, it said in a statement to the Bahraini stock exchange on Wednesday.

The sukuk will be used to repay outstanding debts and surplus cash will go towards future investments, GFH said without giving further details.

Confirming a Reuters story earlier this week, GFH also said it would cooperate with Abu Dhabi Financial Group, which owns about 11.7 percent of GFH, to establish an Islamic financial institution with authorised capital of $100 million in Abu Dhabi's new financial free zone.

Regulatory approvals for the venture are in process, GFH said without giving details. It added that it could not estimate when the venture would start benefiting its bottom line. (Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net)) Keywords: GFH SUKUK/

source: reuters.com
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