Dubai: Gulf Finance House said on Sunday it has decided to terminate its Global Depository Receipt (GDR) Programme and has initiated the procedures to delist the GDR from the London Stock Exchange (LSE).
“After careful deliberations and given that there has been virtually no activity in the Bank’s GDR on the LSE, GFH’s Board of Directors has decided that terminating the programme is in the best interests of the Bank,” it said in a statement.
GFH will continue to remain listed on the Bahrain Bourse, Dubai Financial Markets (DFM) and Kuwait Stock Exchanges.
However, in a separate notice on the DFM, it said trading in shares of Gulf Finance House (GFH) will remain suspended until April 20 until the activation of bank’s capital reduction plan.
The rate of reduction approved will be approximately 6 shares for each 10 shares held at a nominal value of $0.265 per share, thereby resulting in elimination of $897 million (Dh3.3 billion) of accumulated losses.
The firm, which was crippled by the global financial crisis and required several debt restructurings, posted a profit of $11 million for 2014 compared with a loss of $18 million for 2013.
