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.
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
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