Bahrain’s GFH completes capital reduction plan, cuts losses | GulfNews.com:
"Bahrain-based Gulf Finance House has completed a capital reduction plan, a move that helps the Islamic investment firm to cut accumulated losses, it said in a statement on Wednesday.
It had received approval from the Bahraini authorities for the step, which reduces the nominal value of its shares by 13.8 per cent to $0.265 per share from $0.3075, it said. As a result, paid-up capital had been reduced to $837.9 million from $972.3 million.
Accumulated losses on GFH’s balance sheet had been reduced by $134.4 million under the measure, it said. The statement did not specify if it had further accumulated losses."
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