GFH Exits $55m Promoseven Real Estate Portfolio

Press release

Published June 29th, 2017 - 09:31 GMT

This asset has a book value of $20 million and the deal is expected to have a positive impact on its financial results for the second quarter of 2017. (Pixabay)

GFH, a prominent financial group in the GCC region, said it has signed an agreement with Promoseven Holdings in Bahrain to exit part of its real estate portfolio with an approximate value of $55 million.

A leading business group, Promoseven Holdings has interests in real estate, public relations, advertising, hospitality, investment and leisure.

The Bahrain-based company also owns majority shares in Middle East Communication Networks based in capital Manama.

GFH said the deal comes as part of the company's strategy to exit its non-core assets.

This asset has a book value of $20 million and the deal is expected to have a positive impact on its financial results for the second quarter of 2017, it added.

Source: Trade Arabia

Background Information

Gulf Finance House

GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.