PHOTO
A man watches stock movements on a display at the Dubai Financial Market stock exchange in the Gulf emirate on April 12, 2022. Shares in the Dubai Electricity and Water Authority (DEWA) rose 16 percent on April 12 in the Gulf region's biggest initial public offering since Saudi oil giant Aramco in 2019. (Photo by Giuseppe CACACE / AFP)
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)