Manama, Bahrain is the Capital for Arab Tourism 2020. Reuters
Manama, Bahrain is the Capital for Arab Tourism 2020. Reuters
Manama, Bahrain is the Capital for Arab Tourism 2020. Reuters
Manama, Bahrain is the Capital for Arab Tourism 2020. Reuters

GFH shareholders approve issuance of $500m sukuk


Sarmad Khan
  • English
  • Arabic

GFH Financial Group, a Manama and Dubai-listed financial institution, received a nod from its shareholders to raise as much as $500 million (Dh1.84 billion) through the issuance of Islamic bonds and use 3.8 per cent of its share capital to acquire strategic stakes.

The shareholders authorised the company's board to raise debt through one or more sukuk issuances, the company said in a bourse filing to the Dubai Financial Market, where its shares trade.

The board will decide the "terms and details ... including undertaking all procedures required to implement the issuance", and will obtain regulatory approval for the Islamic bonds, the company said, without specifying the potential timetable of the deal.

The shareholders, who met on December 29, also authorised the use of 140 million shares, representing 3.8 per cent of GFH's total issued shares, for "a strategic share acquisition" in financial institutions, subject to the approval of the kingdom's central bank, it said without naming any target entity.

The board was also authorised to appoint a market maker in the company's shares, and to use up to 3 per cent of shares for market-making purposes in a bid to boost liquidity.

GFH earlier this month received a B long-term issuer credit rating from S&P Global Ratings. The agency assigned GFH a stable outlook after a review of its four distinct business segments, GFH said on December 26.

The S&P report, the company said, underlined the GFH Group's ability to generate cash flows and its improving earnings, and said a new treasury function and progress in its subsidiary, Khaleeji Commercial Bank, would likely contribute to an increase in income and its headline margins.

S&P defines a B rating as one which is below investment grade, but one where the issuer “currently has the capacity to meet its financial commitments on the obligation”.

In September, GFH said it acquired six income-generating healthcare properties in the United States worth Dh661m. The portfolio, which caters to senior citizens, is spread across California, Michigan and Washington states.

The deal was completed in partnership with Madison Marquette, a Washington-based real estate developer, which controls a 6 per cent stake in the properties, while GFH and its investors hold 91 per cent.

The Bahrain-headquartered company also plans to invest $200m in the privately-owned schools sector through its new investment platform, Britus Education.

The company's net profit in the nine months to September 30 fell 29 per cent to $73.5m, despite a 24 per cent increase in total income to $254m. Total group assets increased to $6.14 billion as at September 30, 2019, up from $4.43bn from a year earlier.

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Lexus LX700h specs

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Transmission: 10-speed auto

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MATCH INFO

Bangla Tigers 108-5 (10 ovs)

Ingram 37, Rossouw 26, Pretorius 2-10

Deccan Gladiators 109-4 (9.5 ovs)

Watson 41, Devcich 27, Wiese 2-15

Gladiators win by six wickets

Dust and sand storms compared

Sand storm

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  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
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  • Source: Open desert areas with strong winds

Dust storm

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  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
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SERIE A FIXTURES

Friday (UAE kick-off times)

Sassuolo v Bologna (11.45pm)

Saturday

Brescia v Torino (6pm)

Inter Milan v Verona (9pm)

Napoli v Genoa (11.45pm)

Sunday

Cagliari v Verona (3.30pm)

Udinese v SPAL (6pm)

Sampdoria v Atalanta (6pm)

Lazio v Lecce (6pm)

Parma v Roma (9pm)

Juventus v Milan (11.45pm)

 

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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Price, base / as tested: Dh259,000

Engine: 6.4-litre V8

Power: 475hp @ 6,000rpm

Torque: 640Nm @ 4,300rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 7.7L / 100km

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

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UAE currency: the story behind the money in your pockets
Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

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Analysis

Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.

The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement. 

We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment. 

 

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

While you're here
UAE SQUAD

 

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5