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GFH to exit partner from project under dispute on court ruling

GFH to exit partner from project under dispute on court ruling
GFH’s project shareholding will increase to 78%
GFH
GFH
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Dubai – Mubasher: A recent ruling related to GFH Financial Group and a counterparty over a disputed real estate project has been resolved to oblige GFH and others to exit one of the partners from the project.

Following this ruling, GFH’s shareholding in the said project will increase to 78% from 51%, said a recent press release on Thursday.  

The increase is likely to be “associated with estimated P&L provisions of $5-7 million,” GFH said, noting that no further details can be disclosed due to the confidentiality of the case.

GFH is listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM).