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The GFH Financial Group held its Annual General Meeting (AGM) on 25th March 2024, where shareholders approved a 6.2% cash dividend on the nominal value of all ordinary shares, excluding treasury shares. An allocation of $3 million from retained earnings was approved for obligatory Zakat, with shareholders responsible for the remaining amount due. Other approvals included the minutes of the previous meeting, the Board of Directors' 2023 business report, the 2023 consolidated financial statements, the Sharia Supervisory Board's report, and the external auditor's report. The AGM also confirmed the appointment and reappointment of the group's external auditors for 2024 and authorized the group to repurchase up to a certain amount of shares.
The GFH Financial Group B.S.C. held their Annual General Meeting on the 24th of March, 2024. The meeting, chaired by Mr. Ghazi Al Hajeri, took place at the GFH House, Bahrain Financial Harbour, and had a total attendance quorum of 37.59%. The meeting approved several items on the agenda, including the minutes of the previous meeting, the Board of Directors' report on the Group's business activities for the year ended 31 December 2023, and the consolidated financial statements for the same year. The Board also recommended allocating the net profit of the year 2023 in various ways, including carrying forward an amount of US$ 10,522,700 to the statutory reserve, allocating US$ 3,000,000 from net value of the Zakat owed from retained earnings, distributing cash dividends of 6.2% of the nominal value of all the ordinary shares, and transferring an amount of US$ 26,340,300 to retained earnings.
The GFH Financial Group B.S.C. held its Annual General Meeting on 24th March 2024, with a quorum of 37.59%. The meeting was chaired by Mr. Ghazi Al Hajeri. The agenda items approved during the meeting included the minutes of the previous meeting, the Board of Directors' report, the Sharia Supervisory Board's report, the external auditor's report, and the consolidated financial statements for the year ended 31 December 2023. The Board recommended allocating the net profit of 2023 as follows: carrying forward $10,522,700 to the statutory reserve, allocating $3,000,000 from net value of the Zakat owed from retained earnings, distributing cash dividends of 6.2% of the nominal value of all the ordinary shares (excluding treasury shares), and transferring $26,340,300 to retained earnings.
On 24th March 2024, GFH Financial Group B.S.C. announced that it has purchased 235,000 of its own shares, known as treasury shares. This acquisition increases the total holding of treasury shares from 223,584,061 (representing 5.83% of the total issued shares) to 223,819,061 (representing 5.84% of the total issued shares). The decision to purchase the treasury shares was made during a board of directors meeting in September 2021 and received approval from the authority in March 2024. The average purchase price was 4300 USD per share. The purchased shares represent 0.06% of the issued capital.
The National Cement Company P S C has notified the Dubai Financial Market CEO, Mr. Hamed Ahmed Ali, about a board meeting scheduled for 28/03/2024 at 09:30 AM. The agenda includes discussion of the audited financial statements for 2023, the company's business, and other related matters. The notification was also sent to the Securities and Commodities Authority. The message was signed by the General Manager, Mohammed Abdulla Ahmed Al Ghurair.