Mubasher: GFH Financial Group on Sunday said it has signed a letter of intent (LoT) with Abu Dhabi-listed Eshraq Properties.
The LoT is for a potential collaboration and for Eshraq to acquire certain real estate assets owned by GFH in exchange for shares in Eshraq itself, the GFH said in statements to the Dubai Financial Market (DFM), Bahrain Bourse and Kuwait Stock Exchange (KSE).
“The terms of the agreement will be finalised once the proposition is approved by Eshraq’s shareholders and detailed due diligence is done,” the statement revealed, adding that the financial impact from this arrangement on GFH’s financials will be assessed once the terms are finalised.
GFH’s stock ended Thursday at a rise of 1.6% to AED 0.91 on the DFM, while Eshraq Properties grew 3.6% to AED 0.85 on the Abu Dhabi Securities Exchange (ADX).
