Bahrain-based GFH Financial Group said it has won approval from shareholders to issue sukuks (Islamic bonds) worth $500 million in one or more issuances, subject to obtaining relevant regulatory approvals.

The announcement was made today (December 29) at the end of the GFH's Ordinary General Meeting (OGM) which was held at the Group’s Bahrain Financial Harbour headquarters.

GFH is one of the most recognized financial groups in the GCC that includes: asset management, wealth management, commercial banking and real estate development.

Listed in Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market, the group's operations are focused in the GCC, North Africa and India.

Group CEO Hisham Alrayes presided over the meeting, which was attended by shareholders, the board members besides the management and employees.

The agenda of the OGM saw shareholders approve the minutes of the previous General Assembly Meeting held in March this year.

Furthermore, in line with recent regulatory updates with regards to Market Making, the GFH Group sought and received shareholder approval for the appointment of a market maker and to utilize up to 3% of GFH’s total issued shares for market making, for the financial year 2019 and until the upcoming AGM for the year ending December 31, 2022, said the GFH in its statement.

With reference to GFH’s treasury shares held under the market making arrangement, shareholders approved and authorized the board to utilize 140 million shares, representing 3.8% of total issued shares of GFH, for the purpose of a strategic share acquisition in financial institutions, subject to Central Bank of Bahrain approval.

It also the investors nod for authorising the board of directors or their delegates to take all the necessary measures and sign all relevant documents and contracts in this regard, it added.-TradeArabia News Service