Mubasher: GFH Financial Group on Tuesday announced completing its acquisition of a portfolio for infrastructure investment at a value of $1.2 billion in the Middle East and Africa (MEA) regions.
The acquisition was funded through raising capital by $315 million that led to the increase of the issued and paid-up capital of the group to $975 million, while shares reached 3.68 billion shares, according to GFH’s statement.
The acquired investment portfolios will make GFH one of the largest land-owning banks, with an area exceeding 200 million square feet.
Hisham Al Rayes, GFH’s CEO, forecasted that shareholders will get high returns on the medium and long terms after completing this acquisition.
GFH Financial Group's profits increased to $32 million in the second quarter of 2017, from $7.9 million in Q2-16.
