Gulf Finance House said on Monday the 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 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 and subject to regulatory approvals before being recorded in GFH’s financial statements, and will have a positive impact on GFH’s financials for the fourth quarter of 2016.
Shares of Gulf Finance House closed more than 6 per cent higher in a steady Dubai market.