GFH Financial’s board resolves to delist from Kuwait bourse

Bahrain-based GFH Financial Group on Sunday said its board of directors has resolved to de-list from the Kuwait Stock Exchange (KSE), noting the listing as “unfeasible due to the conflicting regulatory requirements of the Capital Markets Authority of Kuwait and the Central Bank of Bahrain.”

The investment bank also cited the binding and compulsory regulatory requirements of Bahrain, GFH’s home regulator, as a reason for the decision.

The firm is also listed in Bahrain and Dubai.

“One of the main reasons for GFH’s voluntary delisting from the KSE is its genuine desire to not violate the requirements of the CBB to avoid and penalties,” the bank said in a bourse statement.

The firm, which provides Islamic finance solutions and invests in infrastructure and real estate projects, has been considering delisting from KSE since last year.

It had suspended its decision to de-list in December, but earlier this year it noted that the cost associated with the continued listing on the KSE remained a concern.

GFH posted a 391 percent jump in net profit of $5.4 million for the second quarter of this year, compared to $1.1 million in Q2-2015.