Hisham Alrayes, CEO of Bahrain GFH Financial Group
Hisham Alrayes, CEO of Bahrain's GFH Financial Group, said the group's cross-listing on the Saudi market is among its priorities.
He told Al-Arabiya TV that the group is aspiring to finalize the move during 2024. It completed the required procedures and submitted all documentation to the Saudi competent bodies, but the timing is still undetermined.
Given that the group is listed in other regional markets, it fulfills the necessary requirements, said Alrayes, noting that the stock's trading volume realizes the importance of being cross listed on the Saudi market.
Disclosures in Bahrain are different from those in Saudi Arabia, said the CEO, adding that an agreement is underway on the method of disclosing financial differences, after which the road will be clear for finalizing the listing.
In February, GFH signed a financial advisory service agreement with SNB Capital for its planned cross listing on the Saudi market, according to data available to Argaam. In April 2022, GFH’s shareholders approved the company’s cross listing on the Saudi market and Abu Dhabi Securities Exchange (ADX), pending the issuance of required approvals.
GFH is listed in Bahrain, Dubai, Abu Dhabi, and Kuwait, being the sole player to be listed on that many capital markets.
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