We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 30 Dec 2019 02:14 PM

Font Size

- Aa +

Shareholders of Bahrain's GFH approve $500m sukuk plan

GFH says sukuk will be issued in one or more issuances, subject to obtaining relevant regulatory approvals

Shareholders of Bahrain's GFH approve $500m sukuk plan

The decision was made at the company's ordinary general meeting held at its Bahrain Financial Harbour headquarters.

Shareholders of Bahrain-based GFH Financial Group (GFH) have approved plans to take steps to issue a sukuk of up to $500 million.

The sukuk will be issued in one or more issuances, subject to the company obtaining relevant regulatory approvals, GFH said in a statement.

The decision was made at the company's ordinary general meeting held at its Bahrain Financial Harbour headquarters.

The meetingm which was presided over by the company’s CEO Hisham Alrayes, also received shareholder approval for the appointment of a market maker and to use up to 3 percent of GFH’s total issued shares for market making over the next three years.

With reference to GFH’s treasury shares held under the market making arrangement, shareholders approved and authorised the board of directors to use 140,000,000 shares, representing 3.8 percent of total issued shares of GFH, for the purpose of a strategic share acquisition in financial institutions, subject to Central Bank of Bahrain approval.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.