Tue, Aug 15, 2017

Business, Banking & Finance
GFH invest $1.2bn in infrastructure

GFH Financial Group (GFH) has completed the acquisition of a $1.2-billion infrastructure portfolio in Africa and Middle East.

The acquisition comes as part of GFH’s new strategy and has been funded by a $315 million capital increase, taking GFH’s issued and paid-up capital to $975 million. 

The portfolio acquired will make GFH one of the key land banks with more than 200 million sq ft across Africa, GCC and India.

GFH’s CEO Hisham Alrayes said: “We are pleased to complete this major acquisition in GFH’s history and deliver one of the key milestones in our new strategy. The acquisition adds another main line of business to GFH alongside investment banking, commercial banking and real estate. We have been able to secure this great deal at a time where we have captured a great acquisition value for GFH shareholders. International and regional reputed developers have expressed their interest to partner with GFH in this portfolio; hence we foresee substantial returns to our shareholders in the medium to long term.” 

GFH’s businesses include asset management, wealth management, commercial banking and real estate development. 

The group’s operations are focused in the GCC, North Africa and India.

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