Finance House to offer 20pc shares to foreigners
Abu Dhabi, May 25, 2011
Abu Dhabi-based Finance House on Wednesday said it has won regulatory approvals to open up 20 per cent of its paid up equity share capital to foreign ownership.
Commenting on the move, Mohammed Wassim Khayata, Finance House Group chief operating officer, said,'The crucial step of opening up shareholding to foreign ownership has been undertaken in response to repeated requests by investors over the years.'
'This opportunity will allow Finance House to widen its reach in the market through attracting investors who can be converted into loyal customers,' he remarked.
Khayata said an Extraordinary General Meeting has been called on June 23 to amend the articles of association to comply with the requirements of Emirates Securities & Commodities Authority (ESCA), as under the present structure only UAE nationals enjoy the right to freely acquire and trade FH’s shares.
“This step will give investors across the region and internationally an additional opportunity in the flourishing UAE financial sector paving the way for them to participate in the prosperity and success of FH in the coming years,” said the official.
Finance House had recorded a net profit of Dh115.1 million for 2010. Earlier this year, during the annual general meeting, its shareholders approved the payout of a cash dividend of 15 per cent and a stock dividend of 10 per cent, Khayata stated.
Since inception in 2004, Finance House has witnessed significant growth, and is listed on Abu Dhabi Securities Exchange under the ticker symbol “FH” and is categorized as a “Grade One” company by ESCA.
The major shareholders include The National Investor (TNI), a number of prominent UAE businessmen, high net worth individuals and dignitaries.
In a short span since inception, Finance House has introduced a number of innovative products and services for the consumer and commercial segments.
“We are focused on creating value for our shareholders and confident that FH’s value proposition will attract foreign shareholders,” Khayata added.-TradeArabia News Service