Bahrain’s GFH Financial Group clarified on Friday that it has not signed an acquisition deal with any educational business entity in Egypt.
The asset management firm issued the clarification following published reports that the company is in talks to buy an educational group in Egypt and that it is executing deals via its wholly owned subsidiary Britus Education.
“We would like to emphasize that there are no final acquisition agreements signed to acquire educational institutions in the Arab Republic of Egypt at the present time,” the company said in bourse filings on the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX).
However, the company said that it continues to explore opportunities in different markets to expand the “size and activity” of Britus by “holding discussions with many parties in various countries”.
Britus has a portfolio of 11 schools across Saudi Arabia, UAE, Tunisia and Bahrain.
GFH posted a net profit of $57.19 million for the first half of the year, up by 26% from the same period last year.