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Asharq Al-Awsat
Asharq Al-Awsat
Business
Manama - Asharq Al-Awsat

GFH to Cross List Shares on ADX in May

General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)

Bahrain-based investment bank GFH Financial Group plans to cross list its shares on Abu Dhabi Securities Exchange (ADX) in May, making it the company's fourth regional listing after Bahrain, Dubai, and Kuwait bourses.

GFH expects the cross trading on ADX to boost liquidity in its shares, benefit the shareholders, and enable the entity to have a broader base of retail and institutional investors that are trading on ADX, which ranked first among GCC stock markets in 2021 for having the highest annual surge in trading volumetrics.

"With this listing, we will be better positioned to serve our existing shareholders in the UAE and Abu Dhabi and to attract new ones from among ADX’s sizable retail and institutional investor base," said Hisham Alrayes, chief executive of GFH.

"We are set to become the first issuer to be listed on four main GCC stock exchanges and our aim is to continue to enhance the liquidity of our shares, our investor mix and to ensure the highest levels of disclosure and transparency for the benefit of shareholders," Alrayes added.

"In line with our strategy, we also look forward to achieving a more entrenched presence in Abu Dhabi, tapping into growth both on ADX and in the local economy. With this listing, we will be better positioned to serve our existing shareholders in UAE and Abu Dhabi and to attract new ones from among ADX’s sizable retail and institutional investor base.”

GFH will be distributing dividends worth $60 million for FY 2021 which includes cash profits for all ordinary shares, save for treasury shares at 4.57 percent of the nominal value of the share (equal to $0.0231 per share), equal to $45 million.

The recommendation also includes bonus shares of 1.5 percent of the nominal value of all the ordinary shares (one share per 66.71 shares), equal to $15 million.

GFH said the approval for the distribution of dividends came from the shareholders at its Annual General Meeting held on April 3.

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