Bahrain’s GFH Financial upgraded to Boursa Kuwait’s premier market

Bahrain’s GFH Financial upgraded to Boursa Kuwait’s premier market

Bahrain-based GFH Financial Group said on Monday its shares have been upgraded to the Premier Market of Boursa Kuwait.

GFH is the latest company to receive an upgrade. Last year, low-cost carrier Jazeera Airways became the first company to get upgraded to the premier market after exceeding the minimum requirements for liquidity and market capitalization in the two previous years.

The market is the flagship of Boursa Kuwait markets, targeting companies “with high liquidity and a medium to big market capitalization,” according to GFH in a disclosure on the Dubai Financial Market (DFM).

The financial impact of the upgrade “cannot be immediately predicted”, GFH added.

The company posted a net profit of $24 million for the third quarter of 2022, up by 3.3% from $23 million a year ago. For the first nine months of the year, net profit went up by 9.8% to $66.24 million.

Last week, GFH completed the acquisition of a majority stake in Big Sky Asset Management, a US-based real estate asset manager focused on the healthcare market.

(Writing by Cleofe Maceda; editing by Seban Scaria)

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