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GFH to sell Khaleeji Bank's AT1 Certificates for $75m

GFH to sell Khaleeji Bank's AT1 Certificates for $75m
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Mubasher: GFH Financial Group has signed an agreement with Southern Star Investments WLL to sell a portion of its ownership in the Khaleeji Bank’s Additional Tier 1 (AT1) Certificates.

The transaction was concluded at a nominal value of $74.96 million, according to a press release.

After obtaining the regulatory approvals, the amount will result in Southern Star Investments WLL owning 282.61 million ordinary shares, representing 25% of the bank’s issued and paid-up capital.

This transaction is expected to reflect positively on the group’s financials and increase its returns.

Last month, the cross-listed company hired SNB Capital, a subsidiary of the Saudi National Bank (SNB), to manage its offering application to float shares on the Saudi Exchange (Tadawul).

In 2023, GFH logged net profits valued at $105.23 million, up 7.69% year-on-year (YoY) from $97.71 million.