GFH Financial Group pays down over $37 million in debt
Hisham Al Rayes, CEO of GFH Financial Group, said that the financial institution is pleased to strengthen the company’s balance sheet with the scheduled repayments to debt holders.
“Over the last seven to eight years, we have de-leveraged significantly, having had liabilities in excess of $1 billion compared with the current $137 million,” Al Rayes said. “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."
GFH now has an outstanding debt of $137 million under three debt facilities. The facilities have to be repaid on an amortized basis through 2019. As of June 30, the group's debt-to-equity ratio stood at only 0.24, which underscores the strength of GFH's balance sheet.