GFH Financial Group on Sunday announced exiting a waterpark in a $60-million deal.
The investment firm exited Lost Paradise of Dilmun Waterpark, which is located in Al Areen Development in the southern region of Bahrain.
Located near the Formula One race track, with a township covering an area of over 2 million square metres, the recently-divested waterpark is one of the largest standalone waterparks in the Middle East and the largest in Bahrain, the company said in bourse filings.
“GFH has retained the rights to operate and manage the water park over the next five year,” the company stated.
The sale is expected to have a positive impact on GFH’s financial results for the fourth quarter of 2018.
Earlier this month, GFH CEO Hisham Al-Rayes told CNBC Arabia that the group had received approval from the Central Bank of Bahrain (CBB) to exit a real estate portfolio ranging between $600 million and $1 billion, noting that the exit process will take place on two phases.
The first phase will be in cash in advance, while the second will be collected on a five-year period, Al Rayes explained.
GFH Financial Group, which is listed in Bahrain, Dubai, and Kuwait, last announced a 16.7% rise in profits to $72.5 million in the first six months of 2018 versus $62.1 million in the same period of 2017.
The Bahrain-based group is scheduled to disclose its results for the third quarter and first nine months of 2018 on 11 November.