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المنامه، البحرين
GFH Bank announced the approval of the Extraordinary General Assembly of Al Seef Real Estate Company, listed on the Bahrain Bourse, on an acquisition deal that allows it to raise its indirect ownership in the company to 50.07%, by buying an additional share of 20.67% of the capital, according to a disclosure to the Bahrain Stock Exchange.
The General Assembly has agreed to be exempted from the obligation to make a mandatory acquisition offer, in accordance with the provisions of the Commercial Companies Law and the rules of the Central Bank of Bahrain. The deal includes the acquisition of Seef Equity Growth Investment, which was established by GFH Partners, a subsidiary of the Bank, at 95.088 million shares of Al Seef Properties.
The ownership of Safe Equity Growth Investment will reach 230.33 million shares
Under the transaction, after completion, Saif Equity Growth Investment will be approximately 230.33 million shares, representing 50.07% of the issued capital of Al Seef Properties, and the bank indicated that it will continue to submit disclosures related to the deal, indicating that its expected financial impact will be determined later.
On May 12, GFH Bank made a voluntary offer to acquire a number of shares of Al Seef Real Estate, following its communication on April 30 with the company’s board of directors regarding the potential offer.
Last September, the bank announced the signing of agreements to purchase the additional share through Safe Equity Growth Investment, subject to the completion of the transaction subject to the approval of shareholders to exempt from a mandatory acquisition offer.
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