Trading in shares of Gulf Finance House (GFH), a Bahraini Islamic investment bank, has resumed after a suspension that lasted almost eight months.
The hiatus began in October, when GFH said it was asking shareholders to contribute up to US$500 million (Dh1.83 billion) to a recapitalisation of the company after it ran into financial trouble during the global economic crisis.
The bank also said it would engineer a share consolidation, reducing the number of outstanding shares to increase the stock price.
GFH is traded on the Bahrain Stock Exchange, the Kuwait Stock Exchange and the Dubai Financial Market.
Its shares also trade on the London Stock Exchange as global depositary receipts.
The resumption of trading comes just days after GFH announced a profit of $11.9m in the first three months of the year, its first quarter in the black after nine quarters of losses.
"We highly appreciate our shareholders and investors' confidence and support during the difficult times, which [are] now behind us, and predict to reward this confidence even further in the coming quarters," Esam Janahi, the bank's executive chairman, said on Tuesday.
GFH was one of the Gulf companies hardest hit by the financial crisis.
The turmoil in regional markets forced GFH to reschedule debt and rethink its business model. It is transitioning to a focus on establishing and nourishing Islamic financial institutions in the region.
As it makes the shift, the company is selling assets accumulated during the boom and continuing to honour commitments to investors in its property projects, which include huge Energy City developments in India, Qatar and Libya.
The recapitalisation floated in October has attracted about $120m of investment, GFH said this week.
After the resumption of trading yesterday, GFH shares fell by 9.6 per cent in Dubai to Dh1.70 on thin volumes.
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.