BHM Capital Transforms With Board Resignation Amid Ownership Shift
Deal News | Nov 25, 2024 | Zawya
BHM Capital, a Dubai-listed financial services company, has seen significant board changes following a change in ownership. All five board members have resigned as the company transitions into a holding company. The shareholder structure of BHM Capital shows a 70% ownership by various shareholders, with the largest, Acquisition Dune Ltd, holding 33.5%. Jordan Kuwait Bank is the next largest with a 10% stake. The company's transition follows a substantial stake acquisition by Abu Dhabi's Ethmar International Holding through a subsidiary in 2023. BHM Capital, a private joint stock company listed on Dubai Financial Market, is known for providing financial services including acting as a liquidity provider and a broker for retail investors. In August, it announced a capital increase of AED 4.85 billion ($1.32 billion) to acquire Al Waqan Capital Investment, involving the issuance of new shares. Furthermore, BHM Capital was recently appointed as the liquidity provider for UAE supermarket operator Lulu, following its $1.72 billion IPO on Abu Dhabi Securities Exchange.
Sectors
- Financial Services
- Capital Markets
Geography
- United Arab Emirates – BHM Capital is a Dubai-listed company with significant operations in UAE's financial markets.
- Jordan – Jordan Kuwait Bank is a significant shareholder of BHM Capital.
- Kuwait – Jordan Kuwait Bank, a major shareholder, indicates a geographic interest involving Kuwait.
Industry
- Financial Services – BHM Capital operates in financial services, providing liquidity and brokerage services.
- Capital Markets – BHM Capital is a player in capital markets, facilitating various IPOs and acting as a liquidity provider.
Financials
- AED 4.85 billion ($1.32 billion) – Capital increase announced by BHM Capital to acquire Al Waqan Capital Investment.
- $1.72 billion – Amount raised by Lulu from its IPO on Abu Dhabi Securities Exchange (ADX).
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BHM Capital | Target Company | Company | A financial services company listed on Dubai Financial Market undergoing strategic transformation. |
| Acquisition Dune Ltd | Largest Shareholder | Company | Company registered with Dubai Chamber of Commerce holding 33.5% of BHM Capital. |
| Jordan Kuwait Bank | Second Largest Shareholder | Company | Holds a 10% stake in BHM Capital. |
| Ethmar International Holding | Previous Acquirer | Company | Acquired 70% stake in BHM Capital through a subsidiary in 2023. |
| Al Waqan Capital Investment | Target for Acquisition | Company | Target company for BHM Capital's capital increase and issuance of new shares. |
| Lulu | Client | Company | UAE supermarket operator for which BHM Capital serves as a liquidity provider post-IPO. |
| Dubai Financial Market (DFM) | Market where BHM is listed | Company | The financial market where BHM Capital is publicly listed. |