Bahrain’s Ithmaar Holding is going ahead with the sale of its financial and investment portfolios to GFH Financial, according to a disclosure.

The company’s Extraordinary General Meeting (EGM) approved on Wednesday the sale and transfer of certain assets worth approximately $695 million to $715 million and liabilities of around $665 million to $695 million to GFH Financial, the filing, addressed to the Dubai Financial Market (DFM) and Bahrain Bourse, said.

The EGM also authorised the Board of Directors to negotiate and finalise the structure and terms of the deal, which is still subject to regulatory approvals.

The two companies had already started negotiations regarding the portfolio sale.

A dual-listed investment firm, Ithmaar Holding posted accumulated losses worth $831.22 million as of the first quarter of 2024, equivalent to 110% of the paid-up capital.

(Writing by Cleofe Maceda; editing by Seban Scaria)