GFH concludes annual, extraordinary meetings

GFH Financial Group ("GFH" or "the Group") today announced the conclusion of its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) for the twelve-months ended 31 December 2016 at the its Bahrain Financial Harbour headquarters. 
Dr. Ahmed Al-Mutawa, Chairman of the Board of GFH, presided over the meetings where shareholders of the Group were briefed on the 2016 results and strategies and initiatives planned for 2017. Also present were members of the Board of Directors, senior management of the Group, its auditors, representatives from Central Bank of Bahrain and Ministry of Industry and Commerce.
The AGM saw shareholders approve a number of agenda items pertaining to the Group's financial statements, reporting and governance. This included the Board of Directors' report on the Group's business activities, annual audited financial statements for 2016 as well as its recommendation on the allocation of the Group’s net profits for the year and the distribution of 10% cash dividends for a total sum of US$59.8 million as well as approval to distribute 10% bonus shares. In addition, the shareholders have proposed to increase the cash dividends to 12% instead of the approved 10%, subject to the approval of the regulatory authorities. 
The meeting also saw the recommendation and appointment of new Board of Directors for Group for the next three years (2017 – 2019). The new directors were Sh. Ahmed Bin Khalifa Al-Khalifa, Dr. Ahmed Al-Mutawa, Mr. Jassim Mohammed Al Seddiqi, Mr. Kamal Abdulla Bahamdan, Mr. Mazin Mohammed Al-Saeed, Mr. Mosabah Saif Al-Motairi, Mr. Rashid Nasser Al-Kaabi,Mr. Ghazi Faisal Al-Hajri, Mr. Bashar Mohammed Al-Mutawa and Mr. Hisham Ahmed Alrayes.
The Shari’a Supervisory Board and Corporate Governance reports were also approved as was the reappointment of the auditors and the Shari’a Supervisory Board for the year 2017.
The EGM reviewed and approved a number of matters put to shareholders. Key among these were the proposed recommendation of the Board to increase the authorized capital to US$2.5bn and endorsing GFH’s new strategy to acquire financial institutions, infrastructure investments, and investment assets by way of swapping the shares of the investors and shareholders of the target companies with GFH shares through issuance of new shares by increasing the issued and paid up capital from US$597.99 million up to US$1.49 billion.
Commenting on the proceedings, Dr. Ahmed Al-Mutawa, Chairman of the Board, said, "We are pleased that we have concluded 2016 year with great results and today shareholder where supportive and extremely happy during the meetings. We thank the shareholders for approving GFH new Strategy and by reelecting us for a new term." 
Hisham Alrayes, GFH Chief Executive Officer, said:" GFH has outperformed the previously approved strategy and today we start another successful journey (Inshallah) to achieve higher value for our shareholders and creation of outstanding financial group in the region. We shall target to achieve this by rolling over number of key acquisitions that will reinforce GFH brand and achieve sustainable diversified income for the group. We thank the shareholder and regulators for their continued trust and support. "
 

Source: BNA