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Dr. Maryam Butti Al Suwaidi, Former CEO of the Securities and Commodities Authority (SCA). Image courtesy WAM
BHM Capital is to appoint the former CEO of UAE’s federal financial regulatory agency as vice chairman as it postpones a proposed AED 4.85 billion ($1.32) billion capital increase and acquisition.
Dr Maryam Butti Al Suwaidi stepped down from the regulator in January and will join the board of Dubai-listed BHM Capital, which is in the process of acquiring Al Waqan Capital Investment as part of plans to transform into a holding company.
Al Suwaidi’s appointment is subject to approval of the general assembly of the financial services company, which operates as a liquidity provider and broker, particularly on Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM).
She will replace resigned chairman Eng Abdulah Atratrah, who is currently also a board member of Dubai-listed Drake & Scull International (DSI), which resumed trading on DFM last year after a lengthy absence due to debt restructuring.
Instead of a previous plan to increase capital by AED 4.85 billion and issue new shares to acquire Al Waqan, the board proposed to raise the company’s capital by AED 200 million to expand operations subject to shareholder approval.The company earlier disclosed that it had submitted the Al Waqan acquisition application to the UAE Ministry of Economy but had received requests for further requirements in relation to the deal.
It will now resume the Al Waqan acquisition at a later date.
It also announced a proposal to distribute a profit to shareholders in the form of 26.6 million bonus shares or 15.31% of paid up capital.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
