Gulf Finance House may reduce capital by 60% to write off losses, pay dividends

15/03/2015 Argaam
 
Gulf Finance House plans to hold a board meeting on March 29 to discuss reducing its capital by 60 percent to $598 million to write off accumulated losses and distribute dividends, the lender said in a statement to the Kuwaiti bourse. 
 
The name of the lender will also be changed to GFH Group. The board will also consider holding 10 percent of the company to support its share price on the stock market. 
 
GFH, which is listed in the stock markets of Dubai, Kuwait, Bahrain and London, provides Islamic finance to projects ranging from infrastructure to real estate, according to Argaam. 
 
Its proposals are pending the approval of the board, as well as Bahrain’s Central Bank, according to the statement.

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