GFH Financial Group B.S.C. Purchases Treasury Shares: A Cause for Concern?
GFH Financial Group B.S.C., a leading Islamic Wholesale Bank in the GCC region, recently announced the purchase of 1,306,500 of its own shares, also known as treasury shares. This move has raised several questions about the financial stability of the group and its future prospects.
Summary
GFH Financial Group has increased its total holding of treasury shares from 9.26% to 9.29% of total issued shares. The decision was approved by the Authority on October 1, 2023, with the average purchase price of the shares being USD 4320.
Source
Summary
GFH Financial Group B.S.C. has announced that it purchased 1,306,500 of its own shares, known as treasury shares, on the 16th of October, 2023. This purchase increased their total holding of treasury shares from 354,884,022 (9.26% of total issued shares) to 356,190,522 (9.29% of total issued shares). The decision to make this purchase was made during the company's board of directors meeting on September 14, 2021, and was approved by the Authority on October 1, 2023. The average purchase price of the shares was USD 4320, and the shares purchased represent 4300% of the issued capital.