GFH recovers $2.5m in legal case

01/06/2017 04:29 AST

Bahrain-based GFH Financial Group said on Wednesday it has recovered $2.5 million (Dh9.18 million) in cash in a legal settlement against Prescott Energy.

The recovery of the cash is expected to have a positive impact on GFH's financial results for the second quarter of 2017, the company said in a statement to the Dubai Financial Market (DFM) website.

The legal case was filed by GFH against Prescott Energy and other in 2013 regarding its investment in Prescott Oil Fund. The settlement was issued by the Bahrain Chamber for Dispute Resolution.

Despite the news, GFH share prices remained flat on Wednesday, ending the day's trade at Dh2.27. Share prices have been climbing since October 2016, jumping from less than Dh1 at the time to a high of Dh2.82.

Earlier this year, the company reported a net profit of $31.9 million for the first quarter of 2017, marking a 427 per cent increase from the $6.06 million recorded in the same quarter last year. The rise was supported by an increase in investment banking income from the placement of two new asset management investments and a partial exit from the private equity portfolio, GFH said at the time.


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