The company also announced that it plans to increase assets under management to $30bn by the end of 2020
Bahrain-based GFH investment firm has hired Gulf International Bank to cross-list its share in Saudi Arabia, the company said in a statement on Sunday.
The statement noted that the move is subject to the approvals of the Bahrain Central Bank and Saudi Arabia’s Capital Market Authority.
GFH’s plans to seek a listing on Tadawul [the Saudi stock exchange] were first disclosed in 2017, with the company saying the listing would be part of a larger effort to be involved in the kingdom’s privatization programme.
The GFH statement also noted that the company aims to increase assets under management to $30 billion by the end of 2020 “through organic and non-organic growth”. Currently, the company $6.2 billion of assets under management, according to its website.
Additionally, the company said it had received an offer to sell its real estate portfolio, which is currently under study and subject to approvals from regulators and the GFH board.
Last week, GFH announced it had acquired an 85 percent stake in the Entertainer hospitality discount app, which the company expects will give it returns of over 20 percent a year for the next five years.