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GFH expects listing KHCB on DFM in 2017

GFH expects listing KHCB on DFM in 2017
This step is a part of the bank’s expansion strategy in order to diversify investment opportunities
GFH
GFH
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KHALEEJI
KHALEEJI
0.00% 0.09 0.00

By: Amr Adel

Dubai – Mubasher: Hisham Al Rayes, CEO of GFH Financial Group, on Thursday said that his group expects Khaleeji Commercial Bank (KHCB) to be listed on the Dubai Financial Market (DFM) by the end of 2017.

The bank, 55%-owned by GFH Group, will start the listing procedures after acquiring the approval of the Securities and Commodities Authority (SCA), Al Rayes told Mubasher.

Earlier today, the SCA had approved the application submitted by the bank for registration under foreign companies and the subsequent listing in the UAE securities markets.

This step is a part of the bank’s expansion strategy, in order to diversify investment opportunities and take advantage of the high liquidity in DFM, Tawfeeq Bastaki, acting CEO of KHCB said.

The bank will notify the Central Bank of Bahrain about the SCA approval, Bastaki added, noting that it had already acquired the central bank’s preliminary approval for listing on DFM.

Emirati investors are very interested in KHCB and the listing plan was upon their request, CEO continued.

Translated by: Mohammad Shokhba