Manama: Mahmood Rafique, Editor: The shareholders of GFH Financial Group (GFH) have ratified the key decisions aimed at reinforcing the Group’s growth trajectory as well as strategic position within the financial sector.
The shareholders also approved the financials and gave a nod for the payment of 6.2per cent cash dividend for the year ending on December 31st, 2024.
This came as 46.42 per cent of the total shareholding of the Group during Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), held at GFH House, Bahrain Financial Harbour, for the financial year ended 31st December 2024.
During the AGM shareholders endorsed the Board of Directors’ recommendations, which included allocating a dividend of 6.2 per cent of the nominal value of all ordinary shares, except treasury shares, equating to USD 0.0164 per share. Shareholders also ratified the minutes of the previous AGM held on October 9, 2024, along with the approval of the Board’s report highlighting the Group’s business activities, the external auditor’s report, and the consolidated financial statements for the year ended 31 December 2024.
Additional approvals included the corporate governance report, along with the allocation of USD 2.4 million as remuneration for the Board of Directors. Shareholders also authorized the Group to purchase up to 10% of the total issued shares, subject to Central Bank approval.
During the Extraordinary General Meeting (EGM), the shareholders approved important resolutions including the issuance of Tier 1 Financial Instruments and/or Sukuk (Additional Tier 1 Capital) valued at up to BD 200 million. These capital enhancement measures designed to fortify the Group’s financial position and support long-term strategic objectives.
Additionally, shareholders authorized the Chairman and the CEO to take necessary actions and sign related documents to implement the previously approved recommendations, ensuring swift execution of the Group’s growth strategy.
“As we gather momentum from a strong year, we are focused on our strategic objectives to solidify our competitive edge in the financial landscape,” Abdulmohsen Rashed Al Alrashed, Board Chairman of GFH, told the shareholders.
“The successful approval of our capital enhancement initiatives, including the distribution of a substantial dividend, speaks volumes of our commitment to value creation for our shareholders. The Group continues to follow the path of transformative growth as we explore new opportunities and enhance our overall performance, ensuring that GFH remains a leading player in the financial services sector.”
“The results of our recent meetings are a testament to our robust framework and the unwavering support from our shareholders. With a clear roadmap ahead, we are prepared to leverage our assets into prosperous ventures that drive sustainable growth,” Hisham Alrayes, CEO of GFH, said.
“The approvals to enhance our Tier 1 capital and the issuance of Tier 1 Financial Instruments underscore our dedication to strengthening our capital base and ensuring compliance with regulatory standards. Moving forward, we remain optimistic about our ability to adapt to market dynamics and generate substantial returns for all stakeholders involved.”
GFH has reached USD 22 billion of assets under management including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe, the US and the UK.