Kuwait – Mubasher: GFH Financial Group signed an agreement with Promoseven Holdings to exit part of its real estate portfolio with an amount of $55 million.
This agreement is a part of GFH’s strategy that aims to exit some non-core assets, according to GFH’s filing to Boursa Kuwait.
GFH’s assets are valued at $20 million, and the transaction is expected to have an impact on the group’s second-quarter financial statements.
GFH’s profits soared 427% to reach $31.91 million in Q1-17, compared to $6.06 million in Q1-16.
In June, GFH Financial Group has received $2.5 million as settlement in a legal case, and this amount will be listed on the profits and losses accounts of Q2-17.
