IslamicFinance.de

In order to rescue Gulf Finance House from the brink of bankruptcy and finance the shareholders have approved a plan to raise up to $500 million.
They also agreed to an asset swap between GFH and its chairman, Esam Janahi, under which Mr Janahi is to transfer his entire 10 per cent stake in Khaleeji Commercial Bank to GFH in return for 100 per cent of Al Areen Leisure and Tourism plus $3m in cash or GFH shares.
The transfer would raise GFH's stake in Khaleeji to 47 per cent, or nearly a controlling interest.

Trading in Gulf Finance House (GFH) shares were suspended on both the Bahrain Stock Exchange and the Kuwait Stock Exchange on Sunday 17 October. The investment bank will be holding its Annual General Meeting (AGM) and an Extraordinary General Meeting (EGM) on Sunday 31 October.
Shareholders will be asked at the AGM to approve an asset swap transaction between GFH and its Chairman Esam Janahi, whereby Janahi will transfer his entire shareholding in Khaleeji Commercial Bank to GFH in return to receiving GFH’s entire 100 per cent equity interest in Al Areen Leisure and Tourism SPC, in addition to $3 million to be paid either in cash or through GFH treasury shares.
Shareholders will also be asked to give the nod to approve borrowing by GFH through any special purpose vehicle established by GFH or at its request, of up to $500 million in equity linked Murabaha Financing.

Khaleeji Commercial Bank head of treasury and capital markets Hussam Saif was a key speaker at the Leaders Summit Conference held in India.

Khaleeji Commercial Bank (KHCB) announced that it has provided a USD 25 mn banking facility for Bukhatir Investment Group to support expansion projects planned by the Group.