GFH signs $55mn deal with PSH

Manama : GFH Financial Group (GFH) has signed a $55 million deal with Promoseven Holdings (PSH) in Bahrain to exit part of its real estate Portfolio. The deal comes as part of GFH’s strategy to exit its non-core assets and the beginning of multiple expected real estate deals with PSH.

“We are pleased to enter into this exit agreement with PSH being as one of the recognized regional investors. This transaction comes as part of GFH strategy to exit no-core assets and create value for our shareholders. We expect further exits for other assets during the course of this year,” said Hisham Al Rayes, CEO of GFH.

“I am always pleased to do business with GFH and to sign this agreement. GFH is one of the leading regional financial groups in investments and real estate development and this acquisition we have concluded falls in line with our asset portfolio programme and I look forward to building on this deal to create multiple transactions with GFH in future,” said Akram Miknas, Chairman at Promoseven.