GFH gets $150m in rights issue

The Bahrain- based Islamic investment bank Gulf Finance House (GFH) said it has received more than $150 million (Dh551m) from investors in its rights issue. The capital raising has a week left to run, the firm said in an e-mailed statement yesterday.

The GFH rights issue is one component in a three part capital management plan that includes two $100m murabaha tickets, the first of which Macquarie Group have signalled their intention to take-up, and the planned sale of non-core assets.

The capital raising is designed to strengthen GFH's balance sheet and provide the liquidity necessary to engage in high value investment opportunities.

GFH Group CEO Ahmed Fahour said: "I'm delighted by the progress we have made in our rights issue. These are huge steps towards the realisation of our vision and clear proof that our shareholders believe in the strategy we have designed to ensure the future prosperity of their Bank.

"With further announcements anticipated shortly we now have every reason to be excited about the work ahead," he said.

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