Gulf Finance House to raise $500 million
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.
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