Monday 20 January 2014

GFH Soars to 22-Month High on Leeds United Sale: Dubai Mover - Bloomberg

GFH Soars to 22-Month High on Leeds United Sale: Dubai Mover - Bloomberg:



"Gulf Finance House EC (GFH) climbed to the highest in more than 22 months after the investment company said it signed an agreement with a group of British investors to sell 75 percent of its stake in Leeds United Plc.

The shares gained 9.6 percent to 0.86 dirhams in Dubai, the highest close since March 2012. GFH will retain a 10 percent holding in the club after completion of the deal, it said in a statement on the Dubai Financial Market website, without disclosing its value, citing a confidentiality agreement.

The Bahrain-based firm is selling Leeds about 14 months after buying the soccer club as it prepares to begin making payments on $110 million of debt it restructured in May 2012. The transaction, which requires approval from the English Football Association, will have a positive impact on the company’s financial position, GFH said in the statement."



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