Bahrain's GFH approaches Khaleeji Commercial Bank with voluntary takeover offer | The National

Bahrain's GFH approaches Khaleeji Commercial Bank with voluntary takeover offer | The National

Bahrain’s GFH Financial Group plans to fully acquire Khaleeji Commercial Bank (KHCB), after it raised its stake in the Sharia-compliant lender to more than 69 per cent.

GFH has approached KHCB's board with a “proposed voluntary takeover offer for the issued shares of KHCB”, the company said in a statement to the Bahrain Bourse, where its shares trade. The offer is “subject to receipt of all necessary regulatory, board and shareholders approvals” and “may or may not” lead to an offer.

KHCB, which also trades on the Bahrain stock exchange, confirmed the offer from the GFH board and said it will make further announcements in the future.

GFH, a Shariah-compliant investment bank, with more than $12 billion in assets and funds under management increased its shareholding in KHCB this week after it bought shares from Dubai-based Shuaa Capital and the Goldilocks Fund, which is managed by a Shuaa subsidiary.