Dubai: GFH Financial Group, the Manama-based investment group, approved on Thursday the appointment of Shaikh Ahmad Bin Khalifa Al Khalifa as its new chairman, and Ahmad Khalil Al Mutawa as vice-chairman, the company said in a statement issued Saturday.
The approval came during the first meeting of the company’s board of directors, whose appointment was recently confirmed for 2017-2019.
“Following the recent AGM [Annual General Meeting] and the announcement of a new strategy, which will focus on the acquisition of financial institutions, infrastructure investments, and other strategic assets, GFH is now entering a new phase of growth over which I am pleased to be presiding alongside a world-class board and management team,” Al Khalifa said in a statement.
Merger
Additional members of the new board include Jasem Al Seddiqi, who also serves as the chief executive officer of Abu Dhabi Financial Group, which is one of GFH’s largest shareholders.
The appointment of a new chair and vice-chair comes just days after GFH said it may merge with Dubai-based Shuaa Capital.
A merger of the two firms would form a group with a market capitalisation of about $2.5 billion, and interests ranging from retail and investment banking to broking and property development, as reported by Reuters.
On Sunday, GFH share prices ended the day 1.82 per cent lower at Dh2.69, with shares accounting for 31 per cent of the total trade value on the Dubai bourse.
