Gulf Finance House (GFH) said in a statement today that it has completed its capital increase programme aimed towards projects developments and acquisitions.

The programme was approved by the extraordinary general assembly on April 14, 2014.

GFH has, through such programme, successfully improved its liquidity and achieved a stronger financial position, the statement said. This has transformed the bank’s operational activities, which will facilitate the bank in achieving its intended acquisitions plans and generate sustainable revenues and returns, it added.

In another statement, the GFH confirmed that it has signed a heads of terms deal with Gulf Holding Company and Al-Rajhi Bank to provide financing towards the completion of its Villamar project and restructuring of the existing sukuk facility.

The clarification follows a news item published in a local newspaper regarding the Villamar project and the statement of Shaikh Khalid bin Abdullah Al Khalifa, Bahrain’s Deputy Prime Minister, it said.
 
Due to confidentiality terms of the agreement, no further details can be disclosed, it added. - TradeArabia News Service