MANAMA, May 18, (RTRS): Gulf Holding Co, the Bahraini issuer of the $190 million Villamar sukuk, is seeking a listing on the Kuwaiti stock exchange, an executive said in published remarks on Tuesday. Ahmed Al Ameer, vice-chairman at Gulf Holding was cited in the Gulf Daily News as saying that the company was waiting for the stock exchange to approve its listing plans, without providing further details.
“Despite the fact that we believe the time is not opportune for listing, yet in response to the pressing demands by our esteemed shareholders for listing, we have filed all the requisite documents...,” the executive was quoted as saying.
Gulf Arab capital markets outside top oil exporter Saudi Arabia have hardly seen any initial public offerings (IPO) over the past months as investors are still wary over the outcome of the economic slow-down.
Gulf Holding has issued an Islamic bond, or sukuk, through Bahraini unit Residential South Real Estate, for the Villamar property project that has been hit by the regional real estate crunch.