Dubai – Mubasher: Chairman of GFH Financial Group Jassim Alseddiqi has expected that his company will report positive results for the first quarter of 2017 on the back of the real estate investments.
The Dubai-listed group is targeting the distribution of over 8%-10% of its capital in cash dividends, Al Khaleej newspaper reported citing Alseddiqi as saying.
GFH could be listed on the Saudi Stock Exchange (Tadawul) in the fourth quarter of 2018 or the first quarter of 2019 after obtaining the required approvals, Alseddiqi added.
We have hired a Saudi advisor to determine the stake to be listed on Tadawul, the chairman revealed, noting that the investment firm will focus on the financial services sector on the UAE, Saudi Arabia, and Bahrain.
Alseddiqi stated that the company seeks investment opportunities in the UAE and that it studies an offer to exit its real estate business entirely, adding that such deal will have a positive impact on the group, according to Al Khaleej.
Earlier in May, GFH Financial Group inked an agreement to acquire an 85% stake in The Entertainer, a lifestyle and advertisement app.
