Shareholders of Gulf Finance House (GFH), an investment bank in Bahrain, have approved a plan to raise up to $500 million to rescue the company from the brink of bankruptcy and finance a wholesale rethinking of its business model.
Despite objections from some investors, holders of about 32 per cent of GFH stock gave the nod to all items on the agenda at a pair of meetings on Sunday, according to a statement posted on the Bahrain Stock Exchange website.
Those included bringing in fresh funds through an Islamic financing instrument convertible into shares, as well as a reduction in capital and a four-to-one consolidation of shares."
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