Gulf Finance House (GFH) said on Wednesday its shareholders have proposed to increase the cash dividends to 12 per cent.

Earlier the board had recommended a distribution of 10 per cent cash dividends for a total sum of $59.8 million as well as approval to distribute 10 per cent bonus shares.

The shareholders also approved the proposed board recommendation to increase the authorised capital to $2.5 billion and endorsing GFH’s new strategy, the GFH said in an emailed statement.

The new strategy is to acquire financial institutions, infrastructure investments, and investment assets by way of swapping the shares of the investors and shareholders of the target companies with GFH shares through issuance of new shares by increasing the issued and paid up capital from $597.99 million up to $1.49 billion.

“GFH has outperformed the previously approved strategy and today we start another successful journey to achieve higher value for our shareholders and creation of outstanding financial group in the region,” Hisham Alrayes, GFH Chief Executive Officer, said in a statement.

“We shall target to achieve this by rolling over number of key acquisitions that will reinforce GFH brand and achieve sustainable diversified income for the group,” he added.