Mubasher: GFH Financial Group said Tuesday it signed an agreement to sell a stake in a Bahraini cement company to Integrated Capital (IC), the capital markets arm of Abu Dhabi Financial Group (ADFG).

IC, under the agreement, will acquire a 10% stake in Falcon Cement Company (FCC) from GFH.

As a result, IC’s stake in GFH will rise from 10% to 20%, according to data from the Dubai’s stock market.

IC showed an interest in underwriting FCC’s IPO planned to take place on the Bahrain Bourse by the end of 2016, the bourse statement said.

FCC’s production is expected to go up to 850,000 tons with the launch of a second production line by the end of 2016.