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FINANCIAL NEWS
Bahrain’s Mumtalakat will not push for new debt sale
23 Jul 2012
(MENAFN) Bahrain’s sovereign wealth fund (Mumtalakat Holding), ruled out plans to sell new debt at the moment, local newspaper reported.
Alayam newspaper cited Mahmood Al Kooheji, CEO of Mumtalakat, as saying that the fund, will work on cutting debt levels and extend the repayment period.
Mumtalakat posted a USD891 million loss last year, compared with USD679.6 million in 2010, as provisions for impairments increased.
Mumtalakat, which owns stakes in 35 firms including Gulf Air, Aluminium Bahrain (Alba) and McLaren, manages USD8.8 billion in assets.
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