February 26, 2018 / 12:38 PM / a month ago

UPDATE 1-Bahrain's GFH hopes to develop Saudi business, new chairman says

(Adds comments on Shuaa Capital)

DUBAI, Feb 26 (Reuters) - Bahrain-based investment firm GFH Financial hopes in future to develop business in Saudi Arabia, the company’s new chairman told Al Arabiya television on Monday.

Jassim Alseddiqi, who is also chief executive of Abu Dhabi Financial Group, was speaking after he was elected chairman of GFH’s board.

ADFG owns nearly half of Shuaa Capital; GFH and Shuaa held merger discussions last year but talks were called off in June.

Alseddiqi said on Monday: “GFH and Shuaa have M&A strategies which were announced more than a year ago and both companies are looking for M&A opportunities. But each stage has its data, its characteristics and its details.

“There was discussion last year but that discussion did not produce anything clear. Currently we at GFH are looking at other acquisitions.” (Reporting by Katie Paul and Stephen Kalin; Writing by Andrew Torchia)

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