Bahrain’s GFH Financial Group expects to complete the acquisition of Khaleeji Commercial Bank (KHCB) this year, it said in a regulatory filing on Tuesday.
GFH plans to communicate its firm intention and offer letter to the board of KHCB during the third quarter on the transaction, it said in a statement to the Dubai Financial Market, where its shares are traded.
“Once the firm intention is submitted, GFH anticipates the voluntary takeover offer to be concluded during the course of this year, subject to receipt of all necessary regulatory, board and shareholders approvals,” the company said.
GFH did not disclose the total value of the transaction.
Earlier this year, GFH, a Sharia-compliant investment bank, with more than $12 billion in assets and funds under management, increased its shareholding in KHCB to more than 69 per cent after it bought shares from Dubai-based Shuaa Capital and the Goldilocks Fund, which is managed by a Shuaa subsidiary.
GFH bought Shuaa Capital’s direct 3.8 per cent stake in KHCB and its 9.76 per cent indirect shareholding from the Goldilocks fund, equal to more than 87 million shares.
GFH, which owned a 55.41 per cent stake in KHCB before the deal, paid more than 8.76 million Bahraini dinars ($23.3m) for Shuaa's combined shareholding, it said in June.
Banks in the GCC are looking to merge or take over other financial institutions to gain scale and expand their footprint as regional economies emerge from the pandemic-driven economic slowdown.
GFH more than doubled its net profit for the second quarter of 2021, driven by growth across its business units despite the ongoing impact of the Covid-19 pandemic.
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
