GFH holds ordinary, extraordinary general meetings

Manama, October 14 (BNA): GFH Financial Group (“GFH” or the “Group”) today announced the successful conclusion of the Ordinary General Assembly (OGM) and Extraordinary General Assembly (EGM) meeting, which were held with a live virtual broadcast. A share of 40.37% in the quorum of shareholders in addition to the members of the group’s board of directors, management and employees.

The General Assembly, chaired by the CEO and Board Member, Mr. Hisham Al Rayes, witnessed the shareholders’ approval of the minutes of the previous Ordinary General Assembly meeting that was held on April 6, 2021, in addition to a number of other agenda items related to the group’s shares and their inclusion, investments and governance issues.

The assembly approved the continued listing of the group’s shares on the Kuwait Stock Exchange and the repurchase of the group’s shares (treasury shares) with a maximum of 10% of the total shares issued for a number of purposes, subject to approval. Central Bank of Bahrain (CBB) including the acquisition of Khaleeji Commercial Bank B.S.C. shares. The OGM also considered that the shareholders authorize the Board of Directors or its representatives to take all necessary measures to carry out the above-mentioned activities.

Another issue raised by shareholders that was addressed was the appointment of a market maker in the markets where the Group’s shares were listed. After discussions, the Board was given approval to appoint a market maker in all markets or any of the markets in which the Group’s shares are listed. They are authorized to select, set fees, term of appointment and other related matters, subject to regulatory approval.

Similarly, the Extraordinary General Assembly meeting saw the shareholders approve the minutes of the previous Extraordinary General Assembly meeting held on April 6, 2021. It continued to approve the Board’s recommendation to issue Sukuk in the amount of US$300 million in additional permanent Tier 1 capital, subject . For final approval by the Central Bank of Bahrain. The shareholders also authorized the Board of Directors or whoever it appoints to take all necessary procedures to carry out the issuance and related matters.

Commenting on this, Mr. Hisham Al Rayes, Group CEO, said: “We are pleased with the shareholders’ approval of the recommendations made by the Board of Directors. The decisions taken will support the Group’s activities focused on enhancing shareholder value, profitability and growth. We intend to soon acquire full ownership of KHCB, Inshaa God, a move that will add strong additional income to GFH Group’s recurring income and business activities, especially after the successful restructuring of KHCB last year.I would also like to take this opportunity to thank the Board of Directors, shareholders and the Central Bank of Bahrain for their continued trust in the group and their invaluable support.

AOQ