GFH offers to buy GNAHC’s stake in Gateway to Morocco

GFH offers to buy GNAHC’s stake in Gateway to Morocco
GNAHC to make $2.2 million from the sale
GFH GFH -1.01% 0.49 -0.01
GNAHC GNAHC -2.70% 36.00 -1.00

Mubasher: Gulf North Africa Holding Company (GNAHC) said that it has received a final exit offer from all of its investments in an infrastructure project from GFH Financial Group.

The company revealed in a statement to Boursa Kuwait on Sunday that the offer includes the total value of the cost plus a profit margin of 10% or $2.2 million, equivalent to shares owned by GFH in the awaited capital hike issue at $0.95 per share.

Both companies have agreed on the offer, according to the statement, as GNAHC is set to exit from the Gateway to Morocco project next month, when the new shares are issued by GFH.

GNAHC also noted that it has asked the Kuwaiti Capital Markets Authority (CMA) to delay the disclosure regarding the matter on 16 April, until it receives the official offer from GFH Group, in order not to affect the negotiations.

The company is expecting to make a profit of KWD 553,040 from the deal, as a result from returning all the provisions and relevant liabilities.

The financial effect will be shown in the company’s financial statements for the third quarter of the year.

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Source: Mubasher