UAE-based financial services firm SHUAA Capital has completed the acquisition of a 14% ownership stake in Khaleeji Commercial Bank (KHCB), an Islamic retail bank based in Bahrain.
KHCB, an affiliate of GFH Financial Group, manages BHD709m ($1.8bn) in total assets and has a paid up capital of BHD105m ($278.4m).
SHUAA acquired the stake in KHCB for BHD9.6m ($25m) at 0.065 dinar per share.
SHUAA Capital chairman Jassim Al Seddiqi said: “We are very delighted to have completed this important transaction of 14% in KHCB. It is considered to be one of the fast growing Islamic banks in the region, and we will further drive this growth by support from SHUAA Capital and Abu Dhabi Financial Group (ADFG).
“It is with no doubt that the shareholders’ value will see substantial growth if KHCB obtains final approvals to list on the Dubai Financial Market,” Al Seddiqi added.
ADFG purchased a 48.36% stake in SHUAA in November 2016.