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Gulf Finance House (GFH) set for Initial Public Offering (IPO)

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Sun, 2007/07/01 - 22:15 by Muslim Investor

Bahrain's Gulf Finance House (GFH) said yesterday it had priced a $276.5 million initial public offering in London at $2.5 per share and $25 per global depositary receipt.

The Islamic finance firm said in a statement 100 million shares had been allocated to the international offering with another 10.6 million existing ordinary shares potentially available through an over-allotment option.

The total 110.6 million shares represents 15.3 per cent of the company's outstanding equity capital, it said.

Admission of GDRs to the Official List of the UK Listing Authority, and unconditional dealing of the GDRs on the London Stock Exchange under the symbol "GFH", is expected to take place on July 4.

Merrill Lynch International and UBS Limited have been appointed Joint Global Coordinators for the offering. HSBC is appointed co-lead manager to the transaction and Deutsche Bank will act as depository for the GDR's.

Commenting on the pricing of the offer, Dr Fuad Al Omar, chairman of GFH, said: "We have been pleased with the positive response from international investors to GFH's offer. Pricing at this level is a strong endorsement of our record, market position and strategy."

Via Khaleej Times.

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