Wednesday, 17 February 2010
Bahrain GFH eyes $250 million asset sales
Gulf Finance House GFHB.BH (GFHK.KW) (GFH) plans to raise $250 million through asset sales this quarter, and has made lay-offs to cut costs after a regional real estate boom ended, its acting CEO said on Tuesday.
Ted Pretty told the Reuters Islamic Banking and Finance summit in Manama that the troubled investment house is in talks to sell its stakes in Khaleeji Commercial Bank KHCB.BH as well as its "energy city" real estate projects.
He said the investment house is in talks with banks, sovereign institutions and real estate developers and hopes to complete the sales by the end of the quarter.
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