At an Ordinary and Extraordinary General Meeting held on Thursday 10th September, shareholders in Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank, confirmed their backing for dynamic plans to recapitalize and reinvest in the bank.
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 authorized share capital from US$500 million to US$1.5 billion and equity Murabaha financing of up to US$200 million, subject to regulatory approvals. In addition, the Board also received the approval to implement a rights offering to existing shareholders, increasing the paid up capital of the bank from US$315 million to in excess of US$615 million.
Gulf Finance House Chairman Dr. Esam Janahi commented today, “Despite challenges experienced throughout the global economy, we are eager to capitalize on the immediate opportunities created by the downturn. I’m delighted GFH shareholders have recognized 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. From today 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.”