Gulf Finance House (GFH), a Bahrain-based Islamic investment bank, said it will file an appeal against the suspension of trading in its shares at the Kuwait Stock Exchange.

Kuwait's Capital Market Authority (CMA) ordered the three-day suspension due to non-disclosure by GFH of the intended sale of Leeds United Football Club last year, said a report in the Gulf Daily News (GDN), our sister publication.

GFH claims although it was negotiating to sell the club, it was not obliged to disclose the discussions because they had not been completed.

In a statement, GFH denied it acted inappropriately and said its position was that the transaction which CMA is referring to was actually not completed and was subject to English Football League approval along with 'confidentiality and non-disclosure obligations' (as per the terms and conditions of the agreement) till the completion of the transaction.

“Therefore, GFH's intention was to first achieve completion of the transaction to disclose the information and prevent speculation in GFH's shares,” the statement said.

The bank said the transaction on the subject matter was not completed.

However, GFH said it has entered into another sale agreement with Italian investors which was successfully completed on April 10 for which the announcement was made by it on April 14. - TradeArabia News Service