MANAMA: GFH Financial Group (GFH) has listed a $300 million sukuk on Nasdaq Dubai, the region’s international exchange.
The sukuk is a landmark achievement for GFH as it enters the international debt capital markets. The capital raised supports the expansion of Bahrain-based GFH’s activities, enhancing the financial position of the group and funding its next phase of growth.
The five-year sukuk issue was oversubscribed 2.5 times with a total book size exceeding $750m.
The allocation has been split in the ratio of 53:47 between regional and international investors.
Fund managers accounted for 61pc of the investors and 39pc were financial institutions.
To celebrate the listing, GFH chairman Jassim Alseddiqi rang the market opening bell at Nasdaq Dubai yesterday.
He said: “Listing our sukuk on a well-regulated and international trading platform like Nasdaq Dubai will expand GFH’s reach and visibility among the global and regional investor community. The overwhelming response received on our sukuk issuance demonstrates the strong confidence investors have in GFH and its future potential. As we embark on the next phase of our growth, we remain committed to further strengthening our position as a leading regional and international financial group.”
Essa Kazim, governor of DIFC, secretary general of Dubai Islamic Economy Development Centre (DIEDC) and chairman of Dubai Financial Market (DFM), said: “This listing by GFH Financial Group, one of the region’s most prominent institutions, further strengthens the long-standing ties between the capital markets of Bahrain and Dubai. Dubai is committed to increasing its collaboration in Islamic finance with institutions across the GCC as the emirate expands its role as one of the largest venues in the world for sukuk listings.”
GFH was the first non-UAE company to be included in Nasdaq Dubai’s equity futures market in 2018. Trading the futures enables investors to take positions on price movements in the company’s shares listed on Dubai Financial Market.
Shares of GFH are also traded on the Bahrain Bourse and Boursa Kuwait.
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