Bahrain's GFH approves plan to withdraw from Kuwait stock market

Investment bank to transfer shares to Bahrain Bourse

  
Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. Image for illustrative purposes.

Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. Image for illustrative purposes.

REUTERS/Hamad I Mohammed

Bahrain-based GFH Financial Group is expected to go ahead with its plan to withdraw its listing from the stock exchange in Kuwait.

The company, which is also listed in Dubai and Bahrain, had earlier said that listing on Boursa Kuwait is “unfeasible” because of the “conflicting regulatory requirements of the Capital Markets Authority of Kuwait and the Central Bank of Bahrain.”

The firm, which offers Islamic finance solutions, has investments in infrastructure and real estate. Its net profit for the first half of the year fell 69.4 percent to $15.05 million.

In a bourse filing on Thursday, the investment bank said it has approved a resolution to de-list its shares from the Kuwait exchange and transfer them to the Bahrain Bourse.

It also named the newly elected members of the Board of Directors for the next three years.

Jassim Alseddiqi, chairman of GFH, had said the company’s net profit has been impacted by the “current conditions”. ‘[While the net profit declined], the Group’s achievements and underlying strong financial health and operating performance was reflected in ongoing investor and market confidence,” he added.

(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)

Cleofe.maceda@refinitiv.com

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