IslamicFinance.de

Bahrain-based Gulf Finance House (GFH) has won approval from the shareholders for a reduction in the group’s issued and paid-up capital. GFH board chairman Dr Ahmed Al-Mutawa said the rate of reduction approved is six shares for each 10 shares held at a nominal value of $0.265 per share, thereby resulting in elimination of $897 million of accumulated losses. In addition to this, the investors also discussed the continuation of GFH’s shares listing in London and Kuwait Stock Exchange and authorised the board of directors to adopt the necessary resolutions in this respect. The firm reported a consolidated net profit of $17 million for the year 2014.