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The board of Dubai-listed financial services company BHM Capital has resigned following a change in ownership as the company works to transform itself into a holding company.
The resignations of the five-strong board and opening of nominations to appoint a new board are to be approved by the general assembly, to be convened later.
Dubai Financial Market (DFM) shareholder records show BHM is owned by a series of shareholders making up a 70% share, with the largest being Dubai Chamber of Commerce-registered company Aquisition Dune Ltd (33.5%). The second largest shareholder is Jordan Kuwait Bank (10%).
Previously, a 70% stake was acquired by Abu Dhabi’s Ethmar International Holding in 2023 through a subsidiary.
BHM, which is a private joint stock company listed on DFM, is in the process of transforming into a holding company. In August, it announced a capital increase of AED 4.85 billion ($1.32 billion) to acquire Al Waqan Capital Investment, in exchange for issuance of new shares.
The company currently operates in financial services, particularly as a liquidity provider for DFM and Abu Dhabi Securities Exchange (ADX) companies and as a broker for retail investors.
It was appointed as liquidity provider for UAE supermarket operator Lulu, which raised $1.72 billion from its ADX IPO, earlier this month.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
