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Shares in Bahrain’s GFH jump on Saudi mall acquisition

Gulf Finance House said it is buying a mall in Jeddah for $48 million

Published: Updated:

Shares in Bahrain’s Gulf Finance House (GFH) rose on Sunday after the investment group said it had acquired a mall in Jeddah, Saudi Arabia, for 180 million riyals ($48 million).

GFH’s Dubai-listed shares were trading at Dh0.833 at 12.45pm local time, a 1.46 percent rise, and was by far the most-traded stock on the exchange. Its Kuwait-listed shares were up by 3 percent.

The firm said earlier on Sunday that it had acquired the Events Mall in Jeddah as it eyes Saudi Arabia's growing retail sector.

“The mall is valued at 180 million Saudi Riyals, and extends over an area of 131,000sqms, with a total leasable area of approximately 56,189sqms,” GFH said in a statement to the Dubai bourse.

“The transaction is expected to reflect positively on GFH financials with an average semi-annual cash return of 12%.”