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Bahrain sovereign fund Mumtalakat signs $250 mln loan refinancing
September 2, 2013 / 1:21 PM / 4 years ago

Bahrain sovereign fund Mumtalakat signs $250 mln loan refinancing

DUBAI, Sept 2 (Reuters) - Bahrain sovereign fund Mumtalakat [BHMUT.UL] said on Monday it had signed a $250 million loan to help refinance part of a larger five-year facility.

The revolving credit facility covers about half of a $500 million five-year loan which the fund had signed in August 2008. The other half had been partly repaid and partly refinanced over the past two years, the fund said in a statement.

The loan forms part of Mumtalakat’s overall financing and funding strategy, Mahmood Al Kooheji, CEO of Mumtalakat, said in the statement.

Five banks - National Bank of Bahrain NATB.BH, Gulf International Bank [GLFBK.UL], BBK BBKB.BH, Jordan’s Arab Bank (ARBK.AM) and Dubai’s Mashreq (MASB.DU) - provided the new loan. The statement gave no other details about the loan.

One of the smaller sovereign wealth funds in the Gulf region, Mumtalakat had $7.1 billion of assets under management at the end of September. It holds stakes in 40 firms in the kingdom’s non-oil sector, including Bahrain Telecommunications Co BTEL.BH (Batelco) and Aluminium Bahrain ALBH.BH (Alba).

(Reporting by David French; Editing by Jane Merriman)

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