Mubasher: The shareholders of GFH Financial Group approved the board’s proposal to issue Sukuk of up to $500 million in one or more issuances. During the ordinary general meeting (OGM) on Sunday, 29 December, the shareholders also approved to appoint a market maker and use up to 3% of the GFH’s total issued shares for market making.
The previous decision shall be effective from the fiscal year 2019 and until the upcoming annual general meeting for the year ending 31 December 2022, according to a press release on Sunday.
During the OGM, the shareholders also authorised the board to use 140 million shares or 3.8% of the GFH’s total issued shares for a strategic share acquisition in financial institutions, with respect to the Central Bank of Bahrain’s (CBB) approval.
In addition, the board were allowed to take all the necessary measures to sign all relevant documents and contracts in this regard.
Noteworthy to mention, on 10 November, the group announced the details of the market making process implemented by Securities & Investment Company (SICO) in October at Bahrain Bourse (BHB) and the Dubai Financial Market (DFM).
GFH is a Bahrain-based company listed on BHB, the DFM, and Boursa Kuwait.