Dubai – Mubasher: GFH Financial Group has submitted a letter of intent to Khaleeji Commercial Bank's (KHCB) board for a voluntary takeover of the bank's issued shares.
The company plans to submit the firm intention and offer documents during the third quarter (Q3) of 2021, according to a bourse filing on Tuesday.
Hence, GFH expected that the voluntary takeover offer would be concluded during the course of 2021, subject to all necessary regulatory, board, and shareholders approvals.
It is noteworthy to mention that in June 2021, GFH increased its ownership in KHCB from 55.41% to 69.05% after Shuaa Capital and Goldilocks Fund had sold their stakes of 3.8% and 9.76%, respectively.
