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GFH capital increase, new strategy approved

MANAMA, March 1, 2017

The shareholders of GFH Financial Group (GFH) have approved the recommendation of the board to increase the company's authorised capital to $2.5 billion and its new strategy.

An Extraordinary General Meeting (EGM) of the company endorsed the new strategy to acquire financial institutions, infrastructure investments, and investment assets by way of swapping the shares of the investors and shareholders of the target companies with GFH shares through issuance of new shares by increasing the issued and paid up capital from $597.99 million up to $1.49 billion, the company said.

The group held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) for the 12 months ended December 31, 2016 at its Bahrain Financial Harbour headquarters.  

Dr Ahmed Al-Mutawa, chairman of the Board, presided over the meetings where shareholders of the group were briefed on the 2016 results and strategies and initiatives planned for 2017.

Also present were members of the board of directors, senior management of the group, its auditors, representatives from Central Bank of Bahrain and Ministry of Industry and Commerce.

The AGM saw shareholders approve a number of agenda items pertaining to the group's financial statements, reporting and governance.  This included the board of directors' report on the group's business activities, annual audited financial statements for 2016 as well as its recommendation on the allocation of the group’s net profits for the year and the distribution of 10 per cent cash dividends for a total sum of $59.8 million as well as approval to distribute 10 per cent bonus shares. In addition, the shareholders have proposed to increase the cash dividends to 12 per cent instead of the approved 10 per cent, subject to the approval of the regulatory authorities.    

The meeting also saw the recommendation and appointment of new board of directors for the next three years (2017 – 2019). The new directors are Shaikh Ahmed bin Khalifa Al Khalifa, Dr Ahmed Al Mutawa, Jassim Mohammed Al Seddiqi, Kamal Abdulla Bahamdan, Mazin Mohammed Al Saeed, Mosabah Saif Al Motairi, Rashid Nasser Al Kaabi,  Ghazi Faisal Al Hajri, Bashar Mohammed Al Mutawa and Hisham Ahmed Alrayes.

The Shari’a Supervisory Board and Corporate Governance reports were also approved as was the reappointment of the auditors and the Shari’a Supervisory Board for the year 2017.

Commenting on the proceedings, chairman Dr Al Mutawa said: "We are pleased that we have concluded 2016 year with great results and today shareholder where supportive and extremely happy during the meetings. We thank the shareholders for approving GFH new Strategy and by reelecting us for a new term."  

Hisham Alrayes, GFH chief executive officer, said: "GFH has outperformed the previously approved strategy and today we start another successful journey to achieve higher value for our shareholders and creation of outstanding financial group in the region. We shall target to achieve this by rolling over number of key acquisitions that will reinforce GFH brand and achieve sustainable diversified income for the group. We thank the shareholder and regulators for their continued trust and support. ” - TradeArabia News Service
 




Tags: Bahrain | GFH | capital |

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