Abu Dhabi – Mubasher: Finance House said on Sunday that it received an approval by the UAE’s Securities and Commodities Authority (SCA) to extend is share buy-back period to 15 April 2016.

The purchasing will be officially announced on Monday, while actual buying will commence within two weeks of the announcement, Finance House said in its filing to the Abu Dhabi Securities Exchange (ADX).

Finance House recently approved a bond issuance worth AED 400 million that will be used to boost the company’s financial position and capital adequacy.

Speaking on the sidelines of the ordinary general meeting held Thursday, Finance House chairman Mohamed Al-Qubaisi said the bond issue programme will include non-convertible bonds worth AED 300 million in addition to convertible bonds at a value of AED 100 million, which will lead to an increase in capital to AED 402.5 million.

Abu Dhabi-listed FH reported a 12.4% decline in its profits for 2014 to AED 73.3 million, down from AED 83.7 million in 2013.