GFH seeking shareholders' nod for share capital cut, sukuk | GFH seeking shareholders' nod for share capital cut, sukuk -
GFH

GFH seeking shareholders’ nod for share capital cut, sukuk

: Thursday, March 20 - 2014 @ 12:15

Bahrain-based Gulf Finance House has said it will seek shareholder approval later this month for a potential reduction in share capital and to issue a convertible sukuk of up to $500m to restructure debt and fund new projects, Reuters has reported. Under the proposal, Islamic investment firm will reduce the nominal value of its shares by 13.8% to $0.265 per share from $0.3075. As a result, paid-up capital will be cut to $837m from $972m. GFH, whose unit is in the process of selling a majority stake in English soccer club Leeds United, was repeatedly forced into restructuring debt as the firm struggled in the aftermath of the global financial crisis.

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Thursday, March 20- 2014 @ 12:15 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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