GFH seeks to acquire Ithmaar Holding’s portfolios

GFH seeks to acquire Ithmaar Holding’s portfolios

GFH Financial Group announced plans to acquire the financing and investment portfolios of Ithmaar Holding, according to a bourse disclosure.

GFH highlighted that discussions are in progress to finalise the transaction structure, which is subject to regulatory approvals.

Meanwhile, the transaction is expected to have a positive and significant impact on GFH’s financials and increase the group’s returns.

Besides trading on DFM, Ithmaar Holding is also listed on the Bahrain Bourse, while GFH is cross-listed on the Abu Dhabi Securities Exchange (ADX), Bahrain Bourse, and Boursa Kuwait.

In the 12-month period that ended on 31 December 2023, the consolidated net profits of GFH increased by 7.69% year-on-year (YoY) to $105.23 million from $97.71 million.

Last year, Ithmaar Holding turned profitable at $13.35 million, against net losses valued at $20.96 million in 2022.