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Today's announcement follows the recent unveiling of a revised GFH business model and a restructured GFH management team to drive the business forward. The revised business model sees GFH divided into two principal businesses; GFH Real Estate and Infrastructure and a streamlined GFH Banking business.
Commenting on today's announcement, GFH CEO Ahmed Fahour said,
"We have devoted a great deal of energy to preparing GFH for a new phase of international growth. At every stage in this critical process we've made it a priority to inform our shareholders and investors. Over the past few weeks we've consulted directly with them and the exciting level of commitment subscription offers we've received are a reflection of the faith they are placing in our refined and rejuvenated approach. I would like to pay tribute to them and reconfirm my commitment to make their bank the worlds leading Islamic investment bank."
In relation to GFH's broader capital raising plan Mr. Fahour added, "The rights issue is obviously a key pillar in our capital management plan. However, we're also pretty excited by the progress we're making on liquidating the non-core balance sheet assets that will make a significant contribution to our capital position and reinforce the balance sheet. We anticipate making further announcements in relation to this in the coming weeks."
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Posted by Rima Ali Al Mashni
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