Dubai:
Gulf Finance House said on Monday it plans to increase its authorised capital for acquisition of a number of infrastructure projects and investment funds.
In a statement posted on Dubai Financial Market’s website, GFH said it plans to increase the capital to up to $450 million by way of issuance of up to 1.7 billion new shares at Dh3.5 or $0.265 each.
The price would mean a 25 per cent premium over the closing price of Monday, which stood at Dh2.80.
The proposals would go for approval to the Extraordinary General Meeting and General Assembly Meeting to be held on Wednesday February 22.
The company also plans to transfer $21.71 million to the Statutory Reserve account, and allocate money to charities and civil society institutions.
In its results announced on Sunday, the company said they plan to distribute cash dividends to all ordinary shares as per the shareholders register on the date of the AGM at a rate of 10 per cent of the par value at $0.0265 per share with a total sum of $59 million.
