Dubai – Mubasher: Shuaa Capital has sold its 3.8% stake in Khaleeji Commercial Bank (KHCB), totaling 34.648 million shares, to GFH Financial Group.
The sale, expected to have a positive impact on Shuaa's second quarter (Q2) financials, is part of the company's objective to exit its non-core assets, according to a press release on Monday.
Meanwhile, Goldilocks Fund, managed by Shuaa's subsidiary Shuaa GMC Limited, sold a 9.76% stake in KHCB to GFH Financial Group; hence, Shuaa and Goldilocks no longer hold any stake in the bank.
GFH has increased its ownership in KHCB, listed on Bahrain Bourse, from 55.41% to 69.05%, following the two transactions.
The Managing Director and Head of Public and Private markets at Shuaa, Ajit Joshi, said: "This sale is in line with that strategy and demonstrates a further milestone in the wind-down process of our Non-Core Assets Unit, allowing Shuaa to focus on driving growth and creating further value for our investors."
