Wednesday, June 28, 2017

GFH exits $55m Promoseven real estate portfolio

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.-TradeArabia News Service

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