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Abu Dhabi, UAEWednesday 26 September 2018

Abu Dhabi fund Goldilocks buys stake in GFH

Bahraini investment bank aiming for approval from Saudi Arabia in the first half of this year to cross-list on the Tadawul stock exchange

GFH chief executive Hisham Ahmed Al Rayes. Phil Weymouth for The National
GFH chief executive Hisham Ahmed Al Rayes. Phil Weymouth for The National

Goldilocks Investment Company, controlled by Abu Dhabi Financial Group (ADFG), on Thursday announced its had taken a 4.99 per cent stake in GFH Financial Group, the Bahraini Sharia-compliant investment house.

Goldilocks is managed by ADCM Altus Investment Management, an indirect subsidiary of ADFG, and said it intends to request board representation with GFH.

No financial details were given.

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Other GFH shareholders include Integrated Capital PJSC and ADFG. Together with Goldilocks, these shareholders hold around 15 per cent of GFH’s total shares collectively.

GFH registered a net profit of US$25.09m for the third quarter of 2017 compared to a loss of $7.58m for the same period in 2016, and expects a similar performance for the final quarter and into 2018, the chief executive Hisham Al Rayes said last month.

The investment bank, whose shares are listed in Bahrain, Kuwait and Dubai, is aiming for approval from Saudi Arabia in the first half of this year to cross-list on the Tadawul stock exchange.

In July last year, Goldilocks Investment raised its holding in the embattled commodity trader Noble and now controls almost as much equity in the company as China’s sovereign wealth fund.

The fund increased its stake to 8.19 per cent from 5.03 per cent after adding 41.6 million shares on July 6, according to a filing to the Singapore Exchange.

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