Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Gulf Finance House hold ordinary and extraordinary general meetings  Join our daily free Newsletter

MENAFN Press - 15/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Gulf Finance House (GFH), the Bahrain based Islamic investment bank, today concluded the Ordinary and Extraordinary General Meetings of the Bank for the twelve-months ended 31 December 2013 ("the year").

The meetings, which were presided over by GFH Chairman of the Board, Dr. Ahmed Al-Mutawa, and attended by shareholders and members of the Board of Directors, were held at the Bank's Bahrain Financial Harbour headquarters. The Chairman briefed the shareholders on the results of the Bank for the year 2013 and updates on the future strategies of the Bank.
The Ordinary General Meeting saw shareholders approve a number of agenda items pertaining to the Bank's financial statements, reporting and governance. Key among these was approval of the Board of Directors' report on the Bank's business activities for 2013 and the annual audited financial statements for the year. Additionally, the shareholders approved the appointment of 8 new members to the Board for 3 years including: Dr. Ahmed Al Mutawa, Mr. Mosobah Al Mutairy, Mr. Salah Nourideen, Mr. Faisal Abdulla Fouad, Mr. Bashar Mohammed Almutawa, Mr. Yousef Ibrahim Y. Al Ghanim, Mr. Hafedh Fakher Mohammed and Dr. Khalid M. Al Khazraji, This is along with the reappointment of the auditors and the Shari'a Supervisory Board for the year 2014.
At the same time, the Extraordinary General Meeting, which also took place, discussed and approved the issue by GFH of a Sukuk scheme or new debt facilities of up to US500 million, to be used to restructure the current liabilities, develop projects and for acqusitions of new businesses for the benefit of the Bank. Such facilities will be subject to CBB's approval. The meeting also authorized the Board of Directors to determine the final structure of the Sukuk or the debt facilities and obtain the necessary approvals.


Commenting, Dr. Ahmed Al-Mutawa, Chairman of the Board, said, "As announced, we ended the year with sound results and strong foundations upon which to build in 2014. For 2013, we reported a net profit of US 6.3 million, reduced operating cost by 20% and successfully restructured debt and received a healthy credit rating from Capital Intelligence. We also effectively executed our investment strategy, closing a number of transactions, while simultaneously making strong advances on maximising the value of our existing portfolio of companies and projects including preparing for a number of exits for the Bank and our investors in 2014. The sum of these actions has resulted in increased market confidence in the Bank, value creation and new and exciting opportunities, which we intend to develop over the coming months."
Dr. Al-Mutawa concluded, " On behalf of the Board, I'd like to extend our thanks to our shareholders and investors for their ongoing support. I'd also like to acknowledge the dedication, hard work and success of the Bank's management and employees, led by its CEO Mr. Hisham Alrayes. This has been a year of important progress for GFH and we look forward to building on this momentum and delivering even greater value and results for the Bank, our shareholders and clients in the year ahead."


About Gulf Finance House
Since its establishment in 1999, Bahrain based Gulf Finance House (GFH) has while distinguished by managing and placing investment in the Middle East and North Africa "MENA" region. Banks activities are focused on development of Islamic Financial Institutions, Infrastructure Projects, Private Equities, and Asset Management. GFH is listed on the Kuwait Stock Exchange, the Bahraini Stock Exchange, the Dubai Financial Market and the London Stock Exchange in the form of a GDR.

 


MENAFN Press




  MENA News Headlines
 Feb 12 2016 - Spain dismantles falcon trafficking ring destined for UAE racesThe Peninsula
(MENAFN - The Peninsula) (file photo / Reuters ) Madrid: Spanish police said Thursday they had dismantled an international ring that smuggled falcons to the United Arab Emirates where ...

 Feb 12 2016 - Russia raises spectre of world war if nations fail to negotiate over SyriaThe Peninsula
(MENAFN - The Peninsula) Russian Prime Minister DmitryMedvedevchairs a meeting with ministers and top officials on social and economic policy in Moscow on February 10 2016. REUTERS ...

 Feb 12 2016 - Germany offers 500 mln euros in credits to IraqThe Peninsula
(MENAFN - The Peninsula) German Chancellor AngelaMerkel(L) and Iraqi Prime Minister Haider al-Abadi shake hands at a joint press conference after meeting at the Chancellery in Berlin on February 11 ...

 Feb 12 2016 - Russia claims US planes bombed Syria's AleppoThe Peninsula
(MENAFN - The Peninsula) Stalls are seen on a street beside damaged buildings in the rebel held al-Shaar neighborhood of Aleppo Syria February 10 2016. REUTERS Moscow:Russia's defence ...

 Feb 12 2016 - Erdogan threatens to send refugees to EU as NATO steps inThe Peninsula
(MENAFN - The Peninsula) Syrian people wait in front of the Oncupinar crossing gate to go back to Syria near the town of Kilis in south-central Turkey on February 11 2016. AFP Ankara:Turkish ...

 Feb 12 2016 - Qatar- LNG deal 'key to Pakistan's prosperity'The Peninsula
(MENAFN - The Peninsula) Pakistan Prime Minister Nawaz Sharif addressing members of the Pakistani community at the Four Seasons hotel yesterday. Pic: Abdul Basit / The Peninsula DOHA: ...

 Feb 12 2016 - Qatar- Emir visits Al Qassar Metro Station projectThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani is briefed on the project by Minister of Transport and Communications H E Jassim bin Saif Al Sulaiti. Doha: Emir H H Sheikh Tamim ...

 Feb 12 2016 - Qatar- PM opens Police Training Institute headquartersThe Peninsula
(MENAFN - The Peninsula) Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani interact with officers after opening the headquarters of the Police Training ...

 Feb 12 2016 - Qatar- Festival opens to promote Sidra treeThe Peninsula
(MENAFN - The Peninsula) Visitors at the ‘Rhamnus’ festival at Mazrouah Yard in Umm Salal yesterday. Pic: Baher / The Peninsula Doha: Mazrouah Yard the winter vegetable market in ...

 Feb 12 2016 - Qatar- Temporary diversion on part of Lijmiliya Road in both directions from MondayThe Peninsula
(MENAFN - The Peninsula) Doha: The Public Works Authority (Ashghal) will implement a temporary diversion on part of Lijmiliya Road running about 2km in both directions. The closure start on ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help