GFH seeks to acquire Ithmaar Holding’s portfolios

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GFH Financial Group announced plans to acquire the financing and investment portfolios of Ithmaar Holding, according to a bourse disclosure.

GFH highlighted that discussions are in progress to finalise the transaction structure, which is subject to regulatory approvals.

Meanwhile, the transaction is expected to have a positive and significant impact on GFH’s financials and increase the group’s returns.

Besides trading on DFM, Ithmaar Holding is also listed on the Bahrain Bourse, while GFH is cross-listed on the Abu Dhabi Securities Exchange (ADX), Bahrain Bourse, and Boursa Kuwait.

In the 12-month period that ended on 31 December 2023, the consolidated net profits of GFH increased by 7.69% year-on-year (YoY) to $105.23 million from $97.71 million.

Last year, Ithmaar Holding turned profitable at $13.35 million, against net losses valued at $20.96 million in 2022.