GFH shareholders to discuss listing on Tadawul, ADX on March 20

Logo of GFH Financial Group

Bahrain-based Islamic investment bank GFH Financial Group announced that shareholders will discuss listing on the Saudi Exchange (Tadawul) and Abu Dhabi Securities Exchange (ADX) during the general meeting that will be held on March 20.

In a filing to Bahrain bourse, GFH added that shareholders will mandate the board of directors to complete the listing process and issuance of relevant documents and licenses, including setting the stock listing price.

In addition, shareholders will vote on carrying forward $8.4 million of 2021 net profit to the legal reserve, as well as allocating $1.5 million to the non-profit, civil society organizations, and Zakat fund. They will also discuss carrying forward $14.3 million as retained earnings. 

The agenda items include distributing cash dividends for all ordinary shares except for the treasury shares, at 4.57% of the stock’s par value, or $0.012 per share, totaling $45 million. They also include distributing bonus shares for all ordinary shares, at 1.5% of the stock’s par value, or one share for every 66.71 shares held by the group’s shareholders.

GFH CEO Hisham Alrayes earlier said the group aims to list on Tadawul in 2022, according to data available with Argaam