Dubai – Mubasher: GFH Financial Group signed a final sukuk restructuring agreement for the Villamar project, according to a bourse filing
GFH signed the deal with Gulf Holding Company (GHC), the project’s residential development firm, and Al Rajhi Bank as the project financer.
The deal, which marks the re-launch of the project, allows for the rescheduling of the Villamar project’s finances.
This restructuring will have a positive impact on GFH’s shareholding in GHC.
Located in the Bahrain Financial Harbour, the residential complex is valued at $700 million and spread over 35,900 square meters.
GFH will participate, under the agreement, in financing completion of the project with an amount up to $50 million.
