GFH Financial Group, a leading regional financial group with major interests in asset management and real estate based in Bahrain, has announced that it has won approval from its shareholders for the issuance of sukuk worth $500 million in one or more tranches through a special purpose vehicle (SPV).

The go-ahead for the sukuk came at the conclusion of its Ordinary General Meeting (OGM), held today with the live virtual participation of a 39.14% quorum of shareholders in addition to members of the Group’s Board, management and employees.

It saw shareholders approve the minutes of the previous OGM held in March as well as the board of directors’ recommendations to establish a trust certificate issuance programme with a value of up to $500 million through a SPV, subject to obtaining the necessary regulatory or other approvals, said GFH in a statement.

Shareholders also approved the issuance of sukuk in one or more tranches through the issuer SPV.

Also approved were the modifications to the terms and conditions of the existing $500 million sukuk due in 2025, originally issued in two tranches in 2020. This includes the offer to early redeem the outstanding certificates.

Shareholders also approved the delegation of powers to the board of directors (and their delegates to conduct the necessary procedures to carry out the sukuk programme and the Offer, said the statement.

A major player in the region, GFH today has more than $21 billion of assets and assets under management including a global portfolio of investments in logistics, healthcare, education and technology in the Mena region, Europe and North America.

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