Shuaa Capital announced the sale of its stake of 34,648,071 shares, representing about 3.8% of Khaleeji Commercial Bank, to GFH Financial Group. Also, the “Goldilocks” fund managed by “SHUAA”, sold a share of 87,078,724 shares, representing about 9.76% of “KHCB” also to “GFH”.
After this sale, Shuaa and Goldilocks no longer own any stake in Khaleeji Commercial Bank.
Through this process, GFH’s ownership percentage in the bank increased from 55.41% to 69.05%, on Sunday, June 6th. The group confirmed that the acquisition comes in line with its strategy to raise its ownership percentage in Khaleeji Commercial Bank. It is expected that this acquisition will have a positive impact on the group’s profits.
Second Quarter Results نتائج
For its part, “Shuaa” said in a separate statement that it expects that the positive impact of the sale process will be reflected in the financial results for the second quarter of 2021, and that the sale of “KHCB” shares represents continuous progress in Shuaa’ previously announced plan in terms of exiting non-assets. the basic. Shuaa also confirmed, through its recent announcement of its results for the first quarter of 2021, which witnessed the group achieving quarterly profits reaching the highest levels in the past ten years, that it is on the right track in reducing the non-core assets unit as planned.
Ajit Joshi, General Manager, Head of Public and Private Markets at Shuaa Capital, said: “We have been very clear about our goal of reducing the non-core asset unit as part of our overall strategy to improve growth. This sale is in line with this strategy and marks another milestone in the downsizing of the non-core asset unit, allowing SHUAA to focus on driving growth and creating more value for our investors.”