Dubai – Mubasher: Bahrain-based GFH Financial Group has affirmed no exposure to the ailing private equity firm Abraaj Group.
The group indicated it has signed an agreement to acquire Abraaj’s stake in The Entertainer, according to a statement to the Dubai Financial Market (DFM).
In May, the Islamic wholesale investment bank had signed an agreement to acquire an 85% stake in The Entertainer, a lifestyle and advertisement app.
Abraaj has been in turmoil following alleged disputes with four investors, including the Bill & Melinda Gates Foundation and International Financial Corporation (IFC) that it misused money in the healthcare fund.
Cayman Islands court has approved a request submitted by Abraaj Group for a provisional liquidation of its business, allowing for a court-supervised restructuring and the protection of stakeholders’ rights.
