Bahrain's GFH gets central bank approval for $1bn property sale - The National:
GFH Financial Group, the Bahraini Sharia-compliant investment company, said it got "conditional approval" from the central bank on an offer to sell its real estate portfolio.
The Manama-based company has received a $1 billion (Dh3.67bn) offer to sell its property portfolio, GFH said in a statement to the Dubai Financial Market on Sunday, where its shares are traded. It expects to receive an upfront payment ranging from $259 million to $380m, with the remainder based on a joint development agreement over five years.
"The transaction will be subject to GFH’s shareholders approval prior to execution," the company said.
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