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BHM proposes AED 4.85 bn capital increase to acquire Al Waqan: Dubai-based financial services firm BHM Capital’s board has proposed a AED 4.85 bn capital increase to carry out an acquisition of Core International Holdings’ investment arm Al Waqan Capital through a share swap, according to a disclosure (pdf). The capital boost will raise the company’s total issued capital to AED 5.02 bn from AED 173.4 mn. Further information about the transaction and its timeline were not disclosed.
About Al Waqan: Waqan manages an asset portfolio valued at AED 723 mn and holds stakes in Gulfnav, Takaful Emarat, and Taaleem. Core said it plans to ramp up its capital market investments through Al Waqan in April, as part of plans to invest AED 5 bn over the next five years to boost its portfolio holdings in education, real estate, and financial management. In addition to Al Waqan, Core has four subsidiaries, spanning real estate, education, and financial services.
What’s next? BHM Capital will hold a general assembly on 26 August to approve and ratify the decision to boost its capital and move forward with the acquisition.
