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AME Bahrain market

Financials give Bahrain market a boost

: Sunday, March 23 - 2014 @ 15:25

Marking one of its highest one-day gains in weeks, the Bahrain All-Share Index surged by 0.75 per cent to reach 1,396.63 points on Sunday, March 23. Arab Banking Corporation and Al Salam Bank Bahrain added 7.14 per cent and 1.82 per cent, respectively. Gulf Finance House finished even at $0.21. Earlier in the day, the Islamic investment bank revealed that it would reduce the nominal value of its shares, from $0.307 to $0.265, in order to lower the “large proportion of accumulated losses from the books”. Through the reduction, accumulated losses would be decreased by $134.38 million. In addition, a sukuk, worth $500m, would be used to refinance its debt that has reached $280m.

Gérard Al-Fil

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Sunday, March 23- 2014 @ 15:25 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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