Flip through the latest issue of Gulf Weekly.
Shareholders in Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank, confirmed their backing for dynamic plans to recapitalise and reinvest in the bank at an ordinary and extraordinary general meeting.
The proposals come just weeks after the appointment of Ahmed Fahour as chief executive officer and the recent unveiling of a planned strategic partnership between GFH and Macquarie Group Limited.
They include approval for an increase in the bank's authorised share capital from $500 million (BD188 million) to $1.5 billion and equity Murabaha financing of up to $200 million, subject to regulatory approvals. In addition, the board also received approval to implement a rights offering to existing shareholders, increasing the paid up capital of the bank from $315 million to in excess of $615 million.
Gulf Finance House chairman Dr Esam Janahi said: "Despite challenges experienced throughout the global economy, we are eager to capitalise on the immediate opportunities created by the downturn. I'm delighted GFH shareholders have recognised the need to back the Board as it takes crucial steps towards the ultimate goal of emerging as the world's leading Islamic investment bank."
Prior to the EGM, an ordinary general meeting approved the appointment of GFH's new CEO, Ahmed Fahour, to the board. He will take up the additional role as a board director.
"With Ahmed Fahour now fully engaged with the management of GFH at operational and board level, and in light of the measures passed by the EGM we are in a strong position to take GFH into a compelling new period of growth and diversification. I would like to take this opportunity to thank GFH shareholders for their continued support," added Dr Janahi.
