GFH shareholders ratify and authorise deals

TDT | Manama

GFH Financial Group (GFH) shareholders have ratified and authorized important agreements at the conclusion of its Ordinary General Meeting (OGM). The event was held with live virtual participation and on-site presence of a 43.59% quorum of shareholders as well as board members, management, and employees of the Group.

Presided over by the Group’s CEO Hisham Alrayes, the OGM also saw shareholders approve the minutes of the previous Annual General Meeting held on April 6 as well as other agenda items relating to the Group’s financial accounts and governance.

Shareholders ratified and authorized 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 the Group 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 has elected A new ten-person board for the next three-year period, subject to the approval of the Central Bank of Bahrain. They include Jassim Al Seddiqi, Alia Al Falasi, Shaikh Ahmed Al Khalifa, Hisham Alrayes, Rashid Al Kaabi, Ghazi Al Hajeri, Mustafa Kheriba, Ahmed Abdulhamid Al Ahmadi, Ali Murad, and Fawaz Al Tamimi.

The assembly has also agreed to authorize the board of directors to make decisions regarding continuing the listing of GFH shares in Boursa Kuwait or de-listing. “We continue to focus on the effective implementation of our strategy and are pleased with our ongoing progress despite challenging market conditions,” CEO Alrayes said.

“This includes efforts to further diversify our business and extract greater value from our existing assets. 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.”