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