Bahrain-based Al Baraka Group (ABG) announced on Monday that it is exiting from two of its subsidiaries in the region to focus on core business lines.

The company has just reached separate agreements to sell its stakes in Bank Al-Tamweel Wa Al-Inma (BTI) in Morocco and Itqan Capital, an investment company in Saudi Arabia.

Its 43.65% stake in BTI will be sold to Bank of Africa, the company’s local partner and the bank’s majority shareholder, while its 83.07% stake in Itqan Capital will go to a private investor in Saudi Arabia, according to statement on Monday.

The Group has already obtained the necessary approvals and completed the sale of its stake in Itqan Capital, while the transaction for BTI is still subject to other “local regulatory approvals”, although the Central Bank of Bahrain has already issued its go-ahead.

“These exits reflect ABG’s strategy to consolidate our resources in order to enhance efficiency and results. By refocusing on core business lines, we look to further strengthen performance and returns for our shareholders,” said Houssem Ben Haj Amor, group CEO of ABG.

(Reporting by Cleofe Maceda; editing by Anoop Menon)