Manama, Oct. 5 (BNA): GFH Financial Group (GFH), the Bahrain-based financial group, today announced that it has repaid US$37.5 million to its debt syndicates.

These repayments are in addition to US$33 million paid by GFH to its debt holders in 2014, and represents more than 30% of the Group’s outstanding facilities.

Commenting, Hisham Al Rayes, CEO of GFH Financial Group, said:
“We are pleased to continue to strengthen our balance sheet with the scheduled repayments to debt holders. Over the last seven to eight years, we have deleveraged significantly, having had liabilities in excess of US$1 billion compared with the current US$137 million. We are on track to repay these debts based on cash flow estimates from our business and in line with our strategy which remains focused on unlocking value and cash flow generation from our commercial and investment banking business as well as from Group subsidiaries.”

Today, the Group has outstanding debt of US$ 137 million under three facilities to be repaid on an amortized basis through 2018/2019. As of 30 June 2015, the Group’s debt to equity ratio stood at only 0.24 underscoring the strength of GFH’s balance sheet.

I.Y

BNA 1011 GMT 2015/10/05