Bahrain's GFH makes $7 mln book losses from Qinvest stake sale
KUWAIT, Oct 27 (Reuters) - Bahrain-based Islamic investment bank Gulf Finance House GFHB.BH (GFHK.KW) (GFH), said on Tuesday its book losses reached $7 million after selling 10 percent of Qinvest to Qatar Islamic Bank QISB.QA.
"Gulf Finance recorded book losses of $7 million, which will be announced in the results of the last quarter of this year," GFH said in a statement on the Kuwaiti bourse website.
GFH said on Monday that it had signed a deal to sell 10 percent of Qinvest to Qatar Islamic Bank in a deal that would realise about $50 million.
GFH said in a statement it will retain a remaining 5 percent stake in Qinvest, a Qatar-based investment bank.
On Sunday, GFH said it had so far received $150 million from its ongoing rights issue targeting $200-300 million in fresh capital.
Bahrain's largest listed Islamic investment bank has been battered by a sharp slow-down in the region's property markets, and is shoring up its balance sheet after posting three consecutive quarterly losses.
(Reporting by Eman Goma; Editing by Natsuko Waki)
