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Gulf Finance House adds on KFH deal

: Wednesday, August 27 - 2014 @ 16:55

The Dubai Financial Market General Index advanced by 0.23 per cent on Wednesday, August 27, despite negative advance-decline ratio of nine to 19. The gauge closed at 4,986.13 points.

Emaar left the session with a day loss of 0.50 per cent to close at AED10.40. Arabtec as the most liquid share, however, stabilized the market by finishing 4.81 per cent at AED4.79.

Gulf Finance House or GFH added 0.20 per cent to reach AED0.537. Earlier in the day, Bahrain’s biggest Islamic investment bank said it signed a Murabaha (Sharia-compliant cost plus profit agreement) worth $105 million with a duration of five years with Kuwait Finance House’s subsidiary in Bahrain. Under the agreement, KFH will have the option to convert its outstanding debt into shares inn GFH.

Gérard Al-Fil

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Wednesday, August 27- 2014 @ 16:55 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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