'We can't explain why shares soared 15% in one day,' says Bahrain's GFH

Gulf Finance House said it had no information to disclose after its shares jumped in heavy trading on the Dubai and Kuwait exchanges
By Reuters
Mon 19 Jan 2015 10:53 AM

Bahrain's Gulf Finance House said on Monday that it had no information to disclose after its shares jumped in heavy trading on the Dubai and Kuwait exchanges.

"We would like to advise our shareholders and the markets that there are no current material information that requires to be disclosed and that such trades are due to the market's own circumstances," it said in a brief statement to the Dubai market.

In Dubai on Sunday, the shares soared their 15 percent daily limit to 0.35 dirhams in their heaviest trading since mid-December.

In November, the company reported a profitable third quarter after posting a loss in the same period last year. The firm, which was crippled in the wake of the global financial crisis and required several debt restructurings, made a net profit of $5.0 million in the three months to Sept. 30.

Early this month, its shares rose after it said it had won a $11.5 million legal case pertaining to its investment in a Qatari firm. A court in Bahrain also dismissed a $13.8 million case filed against GFH by former chairman Essam Janahi, who resigned in 2013, it said.

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