Abu Dhabi: GFH, a Bahrain based financial group said on Wednesday that it has signed an agreement with Promoseven Holdings in Bahrain to exit part of its real estate portfolio with an approximate value of $55 million (Dh202 million).
The deal comes as part of GFH’s strategy to exit its non-core assets, the company said in a statement.
The asset has a book value of $20 million and the deal is expected to have a positive impact on GFH’s financial results in the second quarter of 2017.
GFH is listed on three stock exchanges in the GCC, including the Bahrain bourse, Kuwait Stock Exchange, and Dubai Financial Market.
