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.