IslamicFinance.de

GFH Financial Group (GFH) has signed a final Sukuk restructuring agreement with Gulf Holding Company (GHC) and Al Rajhi Bank. The agreement allows for the rescheduling of the Villamar project’s finances and officially marks the re-launch of the project located in the Bahrain Financial Harbour. Villamar @ The Harbour is one of the flagship projects of GHC and is valued at $700 million, being a residential complex spread over 35,900 square meters. As per the agreement, GFH will participate in financing completion of the project with an amount up to $50 million. The restructuring will have a positive impact on GFH’s shareholding in Gulf Holding Company.

Matthew Austin was appointed general manager of Gulf Holding Company (GHC) and its subsidiaries in a move addressed to push forward stalled projects.
Mr Austin will begin the process of reviewing and restructuring the company's operations with the purpose of resuming work on the projects, especially Villamar @ the Harbour. It was restructured to broaden short-term liabilities and bring new funding partners on board.
The project's main contractor Al Hamad signed a memorandum of understanding, presenting it part ownership in the towers.