• Home
• /
• Local business

GFH Announces Rights Issue Offer Price

DUBAI — Gulf Finance House, the leading Middle Eastern Islamic Investment bank, has announced the details of its forthcoming capital raising exercise to the market.

The bank will offer up to 907,898,065 shares at an offer price of $0.38 a share.

The offering period will open on October 15 and close on October 29 with an allotment date of November 5.

All shareholders registered in the bank’s shareholder register with the Registrar on the record date, set for October 11, will be eligible to take part in the rights issue with a rights entitlement of 19 shares for every 20 held. KPMG have been designated as issue managers and both Khaleeji Commercial Bank B.S.C. (Bahrain) and Commercial Bank of Kuwait K.S.C. (Kuwait) has been appointed as receiving banks for the capital 
raising exercise.

Commenting on the announcement, Gulf Finance House Group CEO Ahmed Fahour said, “Over the past two months we’ve made very clear our intention to build GFH in to the world’s leading Islamic investment bank. To do this we must have a strong balance sheet to handle global economic conditions and capitalise on growth opportunities. I’m pleased to say that our plans received the wholehearted backing of our shareholders at the EGM.”