GFH Shareholder Assembly Elects New Board, Approves 6.2% Cash Dividend

GFH Financial Group (GFH) on Monday said that it has concluded its annual general meeting (AGM), held at GFH House, Bahrain Financial Harbour, for the financial year ended 31 December 2023. 

 The AGM saw shareholders approve the board of directors’ recommendation for the distribution of a cash dividend of 6.2 per cent of the nominal value of all the ordinary shares, save for treasury shares, equivalent to USD 0.0164 (BD 0.0062, UAE Dirhams 0.0603) per share. 

Shareholders also approved to allocation an amount of USD 3 million of the obligatory Zakat from the retained earnings, provided that the shareholders will be responsible for paying the remaining amount of Zakat due, the official statement read.

Shareholders further released the board members from liability for their acts during the fiscal year ended 31 December 2023 and confirmed the appointment and reappointment of the Group’s external auditors for 2024.

They also authorised the Group to repurchase up to 10 per cent of the total issued shares, subject to approval from the Central Bank of Bahrain. 

Moreover, shareholders elected a new Board of Directors for the next three years, subject to approval from the Central Bank of Bahrain. 

Ghazi Al Hajeri, Chairman, GFH said, "Following another year of solid financial performance, we continue to focus on implementing the Group’s strategy and delivering top and bottom-line growth. We are also happy to announce that shareholders have authorized the payout of another healthy dividend, as the Group remains focused on creating value for its shareholders. We will continue to build on this momentum in 2024 and are committed to further progress and growth in the year ahead.”  

Hisham Alrayes, Chie Executive Officer (CEO), GFH, said, "As we reflect on the results of our annual general meeting, the confidence and support of our shareholders in the strategic direction and performance of the Group is the source of great pride and the cornerstone of our success."

"With the support of our shareholders, we are poised to navigate the evolving business landscape, capitalize on emerging opportunities, and drive sustainable growth for the benefit of all stakeholders. Together, we will continue to guide GFH Group towards new heights of excellence, innovation and responsible corporate citizenship," Alrayes added. 

Currently, GFH has more than USD 21 billion of assets and funds under management including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America.