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Bahrain-based investment firm GFH Financial Group is looking to acquire the financing and investment portfolios of financial services firm Ithmaar Holding.
The two entities have already initiated negotiations for the potential acquisition, GFH said in a bourse filing on Wednesday.
The company clarified that the transaction has not been finalised, citing that its discussions with Ithmaar are still subject to due diligence and regulatory approvals.
“Shareholders will be informed of any further developments,” GFH said.
“This transaction is expected to have a positive and significant impact on the financials and increase the returns for the Group.”
The company’s net profit slipped to $23.94 million in the fourth quarter of 2023 from $24.02 million in the same period in 2022. Net earnings for the full year 2023 stood at $102.86 million, up by nearly 14% from the previous year’s $90.25 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)
