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RIYADH: Dubai-listed Shuaa Capital said it sold its 3.8 percent stake in Khaleeji Commercial Bank (KHCB) to GFH Financial Group.
The sale is expected to contribute positively to Shuaa’s financials in the second quarter, it said in a filing to the Dubai Financial Market.
In addition, Goldilocks Fund, managed by one of its units also sold a 9.76 percent stake in KHCB to GFH Financial Group.
“We have been very clear on our goal of exiting non-core assets as part of our overall strategy to optimize growth,” said Ajit Joshi, managing director and head of public and private markets at Shuaa. “This sale is in line with that strategy and demonstrates a further milestone in the wind-down process of our non-core assets unit, allowing Shuaa to focus on driving growth and creating further value for our investors.”
GFH ownership in the shares of KHCB increased from 55.41 percent to 69.05 percent, it said in its own stock exchange filing.