Manama – Bahrain: GFH Financial Group has transferred nearly 80% of its assets in the framework of debt settlement program, said Hisham al-Rayes, Chief Executive.

“The remaining assets are expected to be transferred completely within the upcoming period,” said al-Rayes on the sideline of economic conference held in Bahrain.

The group board has approved settlements that book value stands at nearly $350 million to $450 million, noted al-Rayes.

“We are waiting the approval of the Central Bank of Bahrain to record these assets officially, which should positively influence the company’s financial results,” added al-Rayes.