Bahrain's GFH partially exits Promoseven real estate portfolio

GFH Financial Group 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 panshot of the Bahrain nocturnal skyline-representational image only.
A panshot of the Bahrain nocturnal skyline-representational image only.

GFH Financial Group said it has signed an agreement with Promoseven Holdings in Bahrain to exit part of its real estate portfolio with an approximate value of $55m.

A leading business group, Promoseven Holdings has interests in real estate, public relations, advertising, hospitality, investment and leisure. The agreement is a part of GFH’s strategy that aims to exit some non-core assets, according to GFH’s filing with Bahrain Bourse.

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

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

 

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