UAE-based leading asset management and investment banking platform SHUAA Capital has sold its 3.8 percent stake in Khaleeji Commercial Bank (KHCB), totaling 34.648 million shares, to GFH Financial Group, Bahrain’s leading financial group.
According to the statement, the sale is part of the company’s objective to exit its non-core assets and it is expected to have a positive impact on SHUAA’s second quarter (Q2) financials.
SHUAA stated that it is on pace to wind down its Non-Core Assets Unit as anticipated in its recent presentation of Q1 results, which saw the Group establish a 10-year high for quarterly profits.
In addition, Goldilocks Fund, managed by SHUAA’s subsidiary SHUAA GMC Limited, also sold a 9.76 percent stake in KHCB (totaling 87,078,724 shares) to GFH Financial Group. SHUAA and Goldilocks no longer own any shares in KHCB as a result of these transactions.
“We have been very clear on our goal of exiting non-core assets as part of our overall strategy to optimize growth. This sale is in line with that strategy and demonstrates a further milestone in the wind-down process of our Non-Core Assets Unit, allowing SHUAA to focus on driving growth and creating further value for our investors.”
Khaleeji Commercial Bank
Established in 2004, Khaleeji Commercial Bank is known to be one of the leading Islamic banks in the Kingdom. The Bank strives to be a leader in local and regional Islamic banking as it is listed on Bahrain Bourse and Dubai Financial Market. It also offers innovative and high-quality products as well as services to its clients.