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Dubai-based Financial Services company BHM Capital will seek shareholder approval to acquire AlWaqan Capital Investment LLC by increasing its capital by AED 4.85 billion ($1.32 billion).
No further details were given about the target company in a stock market disclosure to Dubai Financial Market (DFM), but BHM Capital said it was asking for approval for a capital increase from AED 173 million to AED 5.023 billion.
The capital increase will be used in exchange for in-kind shares and the issuance of new shares in the company to the shareholders of AlWaqan Capital.
BHM Capital, which is a private joint stock company listed on DFM, is also asking for approval of amendment to articles of association to reflect the capital increase.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
