SHUAA Capital PSC said Dec. 25 that it acquired a 14% ownership stake, representing 147,106,849 shares, in Bahrain-based Islamic bank Khaleeji Commercial Bank BSC.
The Dubai-based firm purchased the stake from Alimtiaz Investment Group Co. in a special auction at a price of 65 Bahraini fils per share, for a total value of 9.6 million dinars.
GFH Financial Group BSC subsidiary Khaleeji Commercial Bank has 709 million dinars in assets and posted 4.6 million dinars in net profit attributable to shareholders for the nine months ended Sept. 30.
"It is with no doubt that the shareholders' value will see substantial growth if KHCB obtains final approvals to list on the Dubai Financial Market," SHUAA Capital Chairman Jassim Al Seddiqi said.
GFH Financial's planned listing of Khaleeji Commercial Bank on Dubai's stock market is expected to take place in the first quarter of 2017, pending approval from Bahrain's central bank.
As of Dec. 26, US$1 was equivalent to 0.377 Bahraini dinar.