GIC repays $500m maturing debt
Kuwait, June 21, 2010
Gulf Investment Corporation (GIC) announced that it has repaid in full $500 million of Euro Medium Term Notes (EMTN) maturing on June 22.
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 $2 billion and a portfolio of listed equities,” said Hisham Al-Razzuqi, chief executive officer, GIC.
This liquidity more than adequately ensures that GIC is capable of repaying its maturing liabilities, he added.
Established in 1983, GIC is a regional financial institution owned equally by the six GCC states.-TradeArabia News Service