Tawasul
Mubasher TV
Contact Us Advertising   العربية

GFH submits letter of intent to KHCB for voluntary takeover offer

GFH submits letter of intent to KHCB for voluntary takeover offer
The company plans to submit the firm intention in Q3-21
Default Company
ENBDREIT
0.00% 0.00 0.00
GFH
GFH
1.43% 0.21 0.00

Dubai – Mubasher: GFH Financial Group has submitted a letter of intent to Khaleeji Commercial Bank's (KHCB) board for a voluntary takeover of the bank's issued shares.

The company plans to submit the firm intention and offer documents during the third quarter (Q3) of 2021, according to a bourse filing on Tuesday.

Hence, GFH expected that the voluntary takeover offer would be concluded during the course of 2021, subject to all necessary regulatory, board, and shareholders approvals.

It is noteworthy to mention that in June 2021, GFH increased its ownership in KHCB from 55.41% to 69.05% after Shuaa Capital and Goldilocks Fund had sold their stakes of 3.8% and 9.76%, respectively.