Leeds United Stake-Sale Plan Pushes Gulf Finance to 8-Month High - Bloomberg:
Gulf Finance House EC (GFH) climbed to the highest in almost eight months as the investment company signed an agreement with a group of British investors for a partial sale of its stake in soccer club Leeds United.
The shares gained 5.5 percent to 58 fils, the highest level since May 28, at 10:17 a.m. in Kuwait. They soared 10 percent, the most since 2005, yesterday as the number of shares traded surged to more than twice the three-month daily average.
The Manama, Bahrain-based company that obtained creditor approval in May 2012 to restructure $110 million of debt said the investors are in the final stages of completing the stake sale, according to a statement today. The transaction requires approval from the English Football Association.
GFH took over Leeds, a three-time British Premier League champion, through its Dubai-based unit GFH Capital in 2012. The unit sold 10 percent of its holdings in the soccer club to another Bahrain-based financial institution, International Investment Bank, in March for an undisclosed amount.
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