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Abu Dhabi-based EIH Ethmar International Holding has acquired through its subsidiary a nearly 70% stake in Dubai-listed BHM Capital Financial Services.
“EIH Financial Services… a subsidiary of EIH Ethmar International Holding, now assumes a substantial 66.97% ownership stake,” BHM said in a disclosure on the Dubai Financial Market (DFM) on Thursday.
Ethmar’s investment has resulted in a reduction in the ownership stake previously held by Jordan Kuwait Bank, which now holds 10% of BHM Capital.
BHM did not disclose the value of the transaction.
In a separate statement, Ethmar said the move is part of a strategy to diversify and expand the company’s investments. The transaction is one of the largest investments made by Ethmar in the financial sector, the firm said.
“[The acquisition represents a significant and important step in our plan to invest in financial markets, supporting our vision to diversify and expand into various sectors,” said Ali Elgebely, Managing Director and Group CEO of EIH.
(Writing by Cleofe Maceda; editing by Seban Scaria)
