GFH Financial Group has not yet reached a final decision regarding its merger with Emirati financial services company SHUAA Capital, GFH CEO Hisham Al Rayes has said.
Two weeks ago, the Dubai and Bahrain-listed financial group announced entering into talks with a number of financial institutions, including SHUAA capital, for a possible acquisition or merger.
"It is too early to comment on the merger with SHUAA," Al Rayes said in a phone interview, adding that the talks are still at an early stage and no decision has been made from GFH's side.
Talks however are ongoing with a number of financial companies in the GCC and outside it, the top executive added.
On Saturday, SHUAA's chairman and CEO Jassim Al Siddiqi said that there were no plans to merge with GFH at the time as SHUAA was focusing on other acquisitions, Al Arabiya news channel reported.
SHUAA previously said in a bourse filing that it was in preliminary talks for a merger or acquisition with GFH Financial Group.
By: Amr Adel/Translated by: Nada Adel Sobhi
