GFH Financial Group, an investment bank based in Bahrain, plans to acquire 100 per cent of Khaleeji Commercial Bank (KHCB) to boost its portfolio and expand its operations, it said in a regulatory filing on Sunday.
The Bahrain lender submitted an offer to the board of KHCB to acquire 21.03 per cent of the its shares, which it currently does not own, by way of shares exchange, GFH said in a statement to Dubai Financial Market, where its shares are traded.
“GFH intends to maintain KHCB's commercial registration and vocation as an Islamic retail bank,” GFH said. “KHCB will continue to operate under its normal course of business and maintain its operations as a subsidiary of GFH.”
GFH, which has more than $12 billion in assets and funds under management, increased its shareholding in KHCB earlier this year to more than 69 per cent after it bought shares from Dubai-based Shuaa Capital and the Goldilocks Fund, which is managed by a Shuaa subsidiary.
GFH bought Shuaa Capital’s direct 3.8 per cent stake in KHCB and its 9.76 per cent indirect shareholding from the Goldilocks fund, equal to more than 87 million shares.
The Bahrain-based Sharia compliant lender, which owned a 55.41 per cent stake in KHCB before the deal, paid more than 8.76 million Bahraini dinars ($23.3m) for Shuaa's combined shareholding, it said in June.
GFH's latest offer will be put into effect by way of a voluntary conditional offer to the shareholders of KHCB in line with the provisions of the Takeovers, Mergers and Acquisitions Module, it said.
If the Bahraini lender secures a shareholder acceptance of 90 per cent to acquire KHCB shares, then it intends “to exercise any rights of compulsory acquisition, which may become available to it”, it said.
“The remaining shareholders, who have not accepted the acquisition offer, shall be obliged to sell their shares to GFH in no later than three months from the date of GFH having obtained 90 per cent or more acceptances.”
Banks in the GCC are looking to merge or take over other financial institutions to gain scale and expand their footprint as regional economies emerge from the coronavirus-induced economic slowdown.
The acquisition of KHCB “will provide GFH with access to a wider segment of clients and allow for a bigger market share”, it said.
“Commercial banking provides stability to GFH’s profitability and risk profile and, hence, is considered a key pillar to GFH’s strategic growth plan.”
GFH more than doubled its net profit for the second quarter of 2021, driven by growth across its business units despite the lingering effects of the Covid-19 pandemic.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
How much do leading UAE’s UK curriculum schools charge for Year 6?
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*Annual tuition fees covering the 2024/2025 academic year
Specs
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
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Zayed Sustainability Prize
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
UK%20record%20temperature
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
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Jordan Spieth, Si Woo Kim, Henrik Stenson (12.47pm)
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Rickie Fowler, Paul Casey, Adam Scott (4.26pm)
Dustin Johnson, Charl Schwartzel, Rory McIlroy (5.48pm)
