Now Reading
Bahrain’s GFH Financial hires GIB for Saudi listing

Bahrain’s GFH Financial hires GIB for Saudi listing

GFH disclosed the plans last year as part of a strategy to participate in Saudi Arabia’s privatisation programme

Bahrain-based investment firm GFH Financial Group has hired Gulf International Bank to help it seek a cross-listing on Saudi Arabia’s stock market, it said on Sunday.

GFH disclosed plans last year to seek a listing on Saudi Arabia’s stock exchange (Tadawul) as part of a strategy to participate in Saudi Arabia’s privatisation programme in sectors such as education and healthcare.

Read: Saudi privatisation plans target $11bn in non-oil revenues by 2020

GFH said in a statement on Sunday that the move was subject to the approvals of the Bahrain central bank and Saudi Arabia’s Capital Market Authority.

The statement also said the company aimed to raise its assets under management through organic and non-organic growth to reach $30bn by the end of 2020. The company has $6.2bn of assets under management, according to its website.

Last week, GFH said it had signed a deal to acquire an 85 percent stake in The Entertainer, a Dubai-based hospitality discount app.

Read: Bahrain’s GFH acquires majority stake in UAE discount firm The Entertainer

The app, which has annual turnover of Dhs130m ($35.4m), would bring returns of more than 20 per cent per annum over the investment period of five years, GFH said on May 1.

The stake was purchased from MVI (MENA Venture Investments) and The Abraaj Group, according to MarketLine.

GFH also said on Sunday it had received an offer to sell all its real estate portfolio. The offer was under study and due diligence and subject to GFH’s board and regulatory approvals, it said.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top