GFH Financial sells 10% of Bahrain cement producer
Published by Joseph Green,
Editor
World Cement,
Reuters are reporting that Islamic investment bank GFH Financial Group has agreed to sell a 10% stake in Bahraini cement producer Falcon Cement Co to Integrated Capital, the capital markets branch of Abu Dhabi Financial Group.
Integrated Capital has also expressed an interest in underwriting a proposed initial public offer of shares by Falcon on the Bahrain bourse later in 2016.
Falcon, valued at US$120 million, has an annual production capacity of 350 000 t of cement, which is expected to rise to 850 000 t with the launch of a second production line by the end of 2016.
Abu Dhabi Financial Group announced in February 2016 that Integrated Capital had raised its stake in GFH to 10%; the stake was 7.4% previously. The Abu Dhabi group has about US$3.2 billion in assets under management.
Edited from source by Joseph Green. Source: Reuters
Read the article online at: https://www.worldcement.com/africa-middle-east/22032016/gfh-financial-sells-bahrain-cement-producer-744/
You might also like
World Cement Podcast
In the latest episode of the World Cement Podcast, Senior Editor David Bizley is joined by Dr Andrew Minson of the GCCA to discuss the ins and outs of the recently launched Low Carbon Ratings (LCR) system.
Queens Carbon secures US$10M in seed funding for low carbon cement
Backed by Clean Energy Ventures and Buzzi Unicem USA, Queens Carbon will leverage funding to scale its energy-efficient cement production platform.
