DUBAI: GFH Financial Group’s industrial portfolio company Bahrain Aluminum Extrusion Company has signed an agreement to sell its 50 percent stake in Technal Middle East to Hydro Extruded Solutions for Euro 35 million.

Hydro Extruded Solutions already holds 50% stake in Technal Middle East. Bahrain Aluminum had formed JV Technal Middle East in 2000.

The transaction  is  expected  to  close  in  the  second  quarter  of  2019,  subject  to  regulatory approvals, a notice issued to Dubai Financial Market (DFM) noted.

GFH’s extra ordinary general meeting also approved the Board of Directors’ recommendation for the extinguishment of 207.547 million treasury shares held by the bank as per the shareholders register on the date of the meeting with  the  exception  of  20  million  treasury  shares  to  be  reserved for  market making/liquidity activities, subject to obtaining the approval of the relevant authorities.

The meeting also approved the Board of Directors’ recommendation to allocate net profit of the year 2018 as per the below: To transfer an amount of US$11.408 million to the statutory reserve; b) to   allocate   an   amount   of   US$1.0 million   to   charity   activities   and   civil society organisations, in addition to US$941,000 for Zakat Fund; c) to  distribute  cash  dividends  within  10  days  from  the  date  of  the  AGM  at  3.34%  of  the nominal value of the ordinary shares at US$0.0087 per share, equating to a total amount of about US$30 million.

The meeting also approved bonus shares at the rate of 5.97% i.e. one share for every 16.74 shares held.[the_ad id=”31605″]