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.



  MENA News Headlines
 Nov 29 2015 - Middle East ready for increase in air passenger trafficMENAFN
(MENAFN) The UAE, Qatar, Saudi Arabia, Egypt and Jordan are ready to accomplish a strong 4.9 percent growth in air passenger traffic.The gulf nations will all enjoy strong increase of 5.6 percent, ...

 Nov 29 2015 - MSM Index Drops 127 Points Last WeekQatar News Agency
(MENAFN - Qatar News Agency) Muscat Security Market (MSM) index closed at 5668 points, down by 127 points, constituting 2.2%, down for the fourth consecutive week. The sectoral indices declined, ...

 Nov 29 2015 - German State Aims for 4 Billion-Euro Exports to Saudi Arabia by 2020Qatar News Agency
(MENAFN - Qatar News Agency) The German State of Baden-Wurttemberg will strive to attain over 4 billion euros exports to the Kingdom of Saudi Arabia by 2020, a goal that will double the current ...

 Nov 29 2015 - UAE, Jordan Sign MoU to Enhance Joint Efforts in SMEs and InnovationQatar News Agency
(MENAFN - Qatar News Agency) The UAE Ministry of Economy and the Jordanian Ministry of Industry, Trade and Supplies, have signed a Memorandum of Understanding to increase cooperation between the two ...

 Nov 29 2015 - Militias Fighting Kills 19 in SomaliaQatar News Agency
(MENAFN - Qatar News Agency) At least 19 people were killed Saturday in fighting between rival militias in central Somalia, officials and residents said. The fatalities in the town of Galkayo ...

 Nov 29 2015 - Clashes Erupted between Police and Migrants on Greece-Macedonia BorderQatar News Agency
(MENAFN - Qatar News Agency) Clashes between riot police and migrants angry at being prevented from entering Macedonia from Greece have left up to 40 people injured. Macedonian soldiers raised a new ...

 Nov 29 2015 - Palestinian Shot Dead after Alleged Stabbing AttackQatar News Agency
(MENAFN - Qatar News Agency) A Palestinian was shot dead early Sunday by Israeli soldiers at the entrance of the old city of Jerusalem after allegedly stabbing and injuring an Israeli police . The ...

 Nov 29 2015 - Jordan's Border Guards Receive 51 Syrian RefugeesQatar News Agency
(MENAFN - Qatar News Agency) A total of 51 Syrian refugees from various age groups, entered into the Kingdom of Jordan through various crossing points during the last 72 hours. The Jordanian border ...

 Nov 29 2015 - Qatar- Economy Ministry Recalls 2011-2014 Models of Several Car BrandsQatar News Agency
(MENAFN - Qatar News Agency) The Ministry of Economy and Commerce has announced the recall of 2011-2014 models of Dodge, Chrysler, Jeep, Charger, Challenger 300c and Grand Cherokee, due to a ...

 Nov 29 2015 - Qatargas Shipping Department Wins Prestigious British Safety Council AwardsQatar News Agency
(MENAFN - Qatar News Agency) For the second consecutive year, Qatargas' Shipping Department has won two prestigious awards from the British Safety Council for its commitment to achieving excellent ...




Internatinal Property Show


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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