Dubai – Mubasher: GFH Financial Group on Sunday announced that Aluminum Extrusion Company BSC (Balexco), one of the Group’s industrial portfolio companies, has sold its 50% stake in Technal Middle East W.L.L. (TME) to Hydro Extruded Solutions AS.
The transaction’s total cost amounted to EUR 35 million, according to a filing to the Dubai Financial Market (DFM).
The deal is expected to close in the second quarter of 2019, subject to regulatory approvals, the Bahrain-based Islamic wholesale investment bank said.
It is worth noting that Technal Middle East, which was established in 2000, is a joint venture partnership between Balexco and Hydro Extruded Solutions AS.
By the end of Thursday’s session, GFH’s stock inched up 0.21 at 97 fils.
