Bahrain-based Gulf Finance House (GFH) is asking its shareholders for up to $300 million this month. The rights issue is part of a programme, approved by shareholders in mid-September, to raise equity capital of up to $500 million.
The bank, which is listed in Kuwait, Bahrain and Dubai, is implementing a turnaround in strategy. It used to be one of the biggest Islamic property financiers in the Gulf. But the region has suffered a real estate crash this year almost as famous as the preceding real estate boom.
GFH made net losses of $54 million in the second quarter of this year and $37.7
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