GFH: Negotiations on for Bank Alkhair’s acquisition

Gulf Finance House also won case against unit’s former deputy CEO

Gulf Finance House said yesterday negotiations are underway for acquisition of Bank Alkhair of Bahrain.

The due deligence is continuing and formalities are yet to be completed. The shareholders will be intimated after the process is complete, the firm said on a statement.

GFH, which has been an outperformer on the Dubai bourse, had signed an agreement in August to acquire Bank Alkhair. In a separate statement, the firm said it’s unit has won a case against its former deputy chief executive. The verdict issued in favour of GFH’s unit is for circa $5 million (Dh18.4 million).

Earlier in the month, GFH said its board has approved the proposed settlement with assets of an estimated $350-450 million, subject to counterparties’ fulfillment of their obligations. The company said the estimated value of the assets is preliminary. Its shares closed more than 6% higher in Dubai.