Gulf Holding eases concerns on Villamar sukuk
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Gulf Holding eases concerns on Villamar sukuk

Gulf Holding eases concerns on Villamar sukuk

Kuwait-based Gulf Holding Co has said it can both pay its next coupon and complete construction projects, in a bid to ease concerns of a possible liquidity crunch for the Villamar sukuk, Reuters has reported. The statement by the Sharia'h-compliant real estate investment products and services provider came after its Residential South Real Estate unit, which issued the Villamar sukuk, said on Thursday that cash reserves fell to BD5.45m ($14.5m) at the end of 2009 from BD42.3m a year earlier. The Villamar project is part of the Bahrain Financial Harbour development, promoted by Bahrain- and Kuwait-listed Gulf Finance House.

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