GFH approves proposed settlement with assets worth $450 million

Dubai: Gulf Finance House said on Thursday 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 and subject to regulatory approvals before being recorded in GFH’s financial statements.

The recoveries after realisation will have a positive impact on GFH’s financials for the fourth quarter of 2016, the firm said in a statement posted on Dubai Financial Market’s website.

GFH shares, which has outperformed the Dubai index, were up nearly 1 per cent to be at Dh1.14.