Abu Dhabi, May 25, 2011 – Finance House PJSC (FH) has today obtained all regulatory approvals to open up shareholding to foreign ownership, to the extent of 20% of its paid up equity share capital.
An Extraordinary General Meeting (EGM) has been called for the 23rd of June, 2011, in order to amend the articles of association to comply with the requirements of Emirates Securities & Commodities Authority (ESCA), since under the present structure only UAE nationals enjoy the right to freely acquire and trade FH’s shares.
Commenting on this important milestone, Finance House, Group Chief Operating Officer, Mohammed Wassim Khayata said, "The step of opening up shareholding to foreign ownership has been undertaken in response to repeated requests by investors’ community over the years. This opportunity will allow Finance House to widen its reach in the market through attracting investors who can be converted into loyal customers”.
Khayata continued, “This step will give investors across the region and internationally an additional opportunity in the flourishing UAE financial sector paving the way for them to participate in the prosperity and success of FH in the coming years”.
Finance House recorded a net profit of AED 115.1 Million for 2010. Earlier this year, during the Annual General Meeting, its shareholders approved the payout of a cash dividend of 15% and a stock dividend of 10%.
“We are focused on creating value for our shareholders and confident that FH’s value proposition will attract foreign shareholders”, concluded Khayata.
Since inception in 2004, Finance House has witnessed significant growth, and is listed on Abu Dhabi Securities Exchange under the ticker symbol “FH” and is categorized as a “Grade One” company by ESCA.