Wednesday 21 October 2020

GFH shareholders ratify strategic deals, elect new board

DUBAI, 20 days ago

GFH Financial Group (GFH), a leading financial group in the region with interests in key sectors such as asset management, wealth management, real estate development and commercial banking, has announced that its shareholders have ratified and authorised a series of agreements with Khaleeji Commercial Bank including a swap deal with its commercial banking unit.
Its Ordinary General Meeting (OGM), which was held virtually today (September 30), was attended by majority of its shareholders and the board members, management and employees of the group.
Presided over by the Group CEO Hisham Alrayes, the OGM saw shareholders approve the minutes of the previous Annual General Meeting held in April as well as a number of other agenda items relating to the Group’s financial accounts and governance. 
Importantly, shareholders ratified and authorised a series of agreements made between GFH and Khaleeji Commercial Bank, the Group’s commercial banking subsidiary, in accordance with Article (189) of the Bahraini Companies Law. 
These included a swap agreement signed by GFH and the bank for financial and investment assets worth of BD46.4 million and an agreement signed by the group with the bank to underwrite the issuance of BD60 million AT1 Sukuk at a premium of BD12 million and for the receipt of BD12.1 million in subscription fees. 
The assembly also elected a new 10-member board for a three-year period with Jassim Al Seddiqi as Chairman and Alrayes as the GFH Group CEO, subject to the approval from Central Bank of Bahrain. 
The other members are: Alia Al Falasi, Sheikh Ahmed Al Khalifa, Rashid Al Kaabi, Ghazi Al Hajeri, Mustafa Kheriba, Ahmed Abdulhamid Al Ahmadi, Ali Murad and Fawaz Al Tamimi.
The assembly also agreed to authorize the board to take decisions regarding continuing the listing of GFH shares in Boursa Kuwait or de-listing.
Addressing the new board members, Alrayes said: "We continue to focus on the effective implementation of our strategy and are pleased with our ongoing progress despite challenging market conditions."
"This includes efforts to further diversify our business and extract greater value from our existing assets," stated the top official.
"We’re pleased with shareholder approval of agreements we have concluded with our commercial banking subsidiary, Khaleeji Commercial Bank, which we believe can help enhance its financial position and ability to make even stronger contributions to the Group in the forthcoming periods," he added.-TradeArabia News Service 


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