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Deutsche converts $30 mln into GFH shares

Source: Reuters - Tue 24th Nov 2009

German lender Deutsche Bank AG has converted a third of its $100 million convertible murabaha into shares of Gulf Finance House GFHB.BH (GFH), the Bahrain-based Islamic investment house said on Tuesday.

Deutsche Bank has converted $30 million of the murabaha, an Islamic financing instrument, into 78,947,368 million shares,its said in a regulatory filing.

This brings the number of GFH's issued shares to 1,830,543,093, it said.

In August, GFH placed a $100 million convertible murabaha with Australia's Macquarie Group while in October it concluded a $300 million rights issue to raise fresh capital,after four consecutive quarterly losses.

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