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GFH's OGM approves $42m cash dividend, bonus share distribution

GFH's OGM approves $42m cash dividend, bonus share distribution
The shareholders also agreed on paying bonus shares
GFH
GFH
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Mubasher: The ordinary general meeting (OGM) of GFH Financial Group has approved a cash dividend and bonus share distribution of $42 million.

The cash dividend payout for all ordinary shares stands at 1.86% of the share nominal value or $0.0049, aggregating at a total amount of $17 million, according to a press release on Tuesday.

During the OGM, the shareholders also agreed on paying bonus shares for all ordinary shares at 2.56% of the share nominal value or one share for each 39.03 owned shares, equivalent to $25 million.

The shareholders also approved the board’s recommendation for the voluntary delisting of the Group’s shares from Boursa Kuwait.

In the meantime, the extraordinary general meeting (EGM) was held, approving the Group's capital reduction by cancelling treasury shares valued at up to a maximum of 141.335 million shares worth up to $37.45 million.

This approval is a result of the cancellation of the Group’s market maker agreement.

Shareholders also approved a rise in the Group’s capital from $975.64 million to $1.64 billion as a result of adding bonus shares amounting to 94.339 million shares, subject to the approval of the Central Bank of Bahrain.

The CEO of GFH, Hisham Alrayes, commented: "Our strong foundations, sound strategy, and success in the diversification of our business and income streams, nevertheless, allowed us to effectively navigate the challenges of 2020."