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• 100 million shares were allocated to the international offering with a further 10.6 million potentially available through the over-allotment option, consisting entirely of existing ordinary shares. The total 110.6 million shares represents 15.3% of GFH's outstanding equity capital.
• The total size of the international offer is US$276.5 million.
Conditional dealings will commence on the London Stock Exchange today. Admission of GDRs to the Official List of the UK Listing Authority ("Admission"), and unconditional dealing of the GDRs on the London Stock Exchange under the symbol "GFH", is expected to take place on 4th July, 2007.
Merrill Lynch International and UBS Limited have been appointed Joint Global Coordinators for the Offering. HSBC is appointed co-lead manager to the transaction and Deutsche Bank will act as depository for the GDR's.
Commenting on the Pricing of the Offer, Dr. Fuad Al-Omar, Chairman of GFH, said:
"We have been extremely pleased with the positive response from international investors to GFH's offer. Pricing at this level is a strong endorsement of our record, market position and strategy. On behalf of the GFH board, I would like to welcome our new investors to GFH and to reiterate our commitment to creating shareholder value."
Mr Esam Janahi, CEO of GFH, continued:
"The listing of our GDR in London is an important strategic step for GFH and I am very pleased that we are able to report pricing at this level. This is a testament to GFH's performance as well as recognition of the growing importance of Islamic finance on a global basis. We are committed to building on our strong record of growth and increasing shareholder value and look forward to working with our new investors in the future."
Mr Peter Panayiotou, Deputy CEO of GFH, stated:
"GFH is committed to growing its capabilities in the origination and financing of development infrastructure projects in the MENA region as well as expanding its asset management and private equity expertise. The GDR listing will support this strategy by providing GFH with greater access to international capital markets. We are also very pleased and encouraged by the enthusiasm that was displayed by banks and financial institutions in the US and Europe who have shown a strong desire to invest directly in our development infrastructure projects. The GDR exercise has been particularly useful for establishing new relationships with western financial institutions who have gained a deeper understanding of both GFH's business and of Islamic finance in general."
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Posted by Lara Lynn Golden, News Editor
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