Dubai – Mubasher: GFH Financial Group has announced the satisfaction of preconditions and firm intention to make an offer to acquire up to 100% of the issued and paid-up ordinary shares of  Khaleeji Commercial Bank (KHCB).

GFH will purchase the shares of KHCB through a shares exchange ratio of 0.914 GFH shares per KHCB share, according to a bourse filing on Sunday.

It is noteworthy to mention that in August 2021, GFH has submitted a letter of intent to KHCB's board for a voluntary takeover of the bank's issued shares.