Gulf Investment Corporation (GIC) repays US$ 500 million maturing EMTNs
Gulf Investment Corporation announced today that it has repaid in full US$ 500 million of Euro Medium Term Notes (EMTN) maturing on June 22nd 2010.
The planned repayment of the maturing notes was made from cash that had been accumulated in order for GIC to manage its maturing debt profile.
“The accumulation of cash has been a testament to the ability of GIC to maintain a highly liquid balance sheet and to meet its commitments to our investors. In addition to these significant cash resources, GIC maintains a portfolio of investment grade marketable securities in excess of US$ 2 billion and a portfolio of listed equities”, said Hisham Al-Razzuqi, Chief Executive Officer, Gulf Investment Corporation.
This liquidity more than adequately ensures that GIC is capable of repaying its maturing liabilities. GIC has always placed a high priority on liability and liquidity management and continues to do so.
Established in 1983, GIC is a regional financial institution owned by equally by the six GCC states. It strives to provide a comprehensive range of financial services that support the development of private enterprise and economic growth in the region. GIC managed to achieve a number of major projects throughout GCC countries with diversified activities covering different sectors via financial, petrochemical, steel, power, communications amongst others.
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- Show me the money: Lebanon addresses bank transfer delay problems
- Swiss Leaks revisited: Strong Egyptian presence in banking scandal
- Saudi market plans IPO in 2018
- Understanding the ripple effect: 8 reasons the US economy has slowed down in Q1 of 2015
- Gulf Investment Corporation Announces a Record Profit of US$155 Million for the First Six Months of 2005 Surpassing the Profit of the Whole of 2004 b
- AUB to repay US$ 400 million of debt
- Emirates repays US$500 million bond in full
- Kuwait: Ratings to notes issued by Gulf Investment Corporation
- GIC poised to expand GCC market activities