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Khaleeji Commercial Bank finalises $159m Sukuk issuance

Khaleeji Commercial Bank finalises $159m Sukuk issuance
The Sukuk aims to reinforce the bank's capital
KHCB
KHCB
8.11% 0.04 0.00

Dubai - Mubasher: Khaleeji Commercial Bank has closed $159 million Sukuk issuance fully covered by GFH Financial Group as the sole subscriber, according to a press release on Wednesday.

Issued following the approval of regulatory authorities and the extraordinary general meeting (EGM), the Sukuk aims to reinforce the bank's capital, financial position, and business development.

Previously, the bank's shareholders have supported the bank to issue Sukuk as Additional Tier 1 capital valued at $200 Million to strengthen the bank's capital base.

The KHCB CEO, Sattam Sulaiman Algosaibi, said: "The successful closing of the AT1 reflects the bank's well-thought-out financial and investment approach in opting for the best solutions to support the capital and develop the business towards achieving important intermediate objectives within our new strategy."

Khaleeji Commercial Bank is a subsidiary of Bahrain’s GFH Financial Group listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM).