Mubasher: GFH Financial Group has signed an agreement with Southern Star Investments WLL to sell a portion of its ownership in the Khaleeji Bank’s Additional Tier 1 (AT1) Certificates.
The transaction was concluded at a nominal value of $74.96 million, according to a press release.
After obtaining the regulatory approvals, the amount will result in Southern Star Investments WLL owning 282.61 million ordinary shares, representing 25% of the bank’s issued and paid-up capital.
This transaction is expected to reflect positively on the group’s financials and increase its returns.
Last month, the cross-listed company hired SNB Capital, a subsidiary of the Saudi National Bank (SNB), to manage its offering application to float shares on the Saudi Exchange (Tadawul).
In 2023, GFH logged net profits valued at $105.23 million, up 7.69% year-on-year (YoY) from $97.71 million.
