Gulf Finance House to raise $300m in new equity

29 August 2010

Funds will be used for acquisitions

Bahrain’s Gulf Finance House (GFH) has announced plans to raise an additional $300m in new capital to fund acquisitions and has appointed Germany’s Deutsche Bank to advise on the process.

The company has said that the $300m will be in the form of equity linked instruments, similar to the way it raised $100m from Deutsche Bank earlier in the year.

GFH has said the capital plan would be raised from new and existing shareholders and Esam Janahi, executive chairman of the bank, has said he will “personally support the capital raising”.

The new capital will be used solely for growing the business and will not go towards paying off debts, the company said.

In early August GFH finalised its debt restructuring program with the extension of a $100m loan by two years.

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