BHM Capital Financial Services has announced that it will be seeking the shareholders' approval for acquisition of UAE-based AlWaqan Capital Investment. The transaction will be done through a capital hike of AED4.85 billion ($1.32 billion) in exchange for issuance of new shares.

A leading provider of securities brokerage and investment management services based in Dubai, BHM Capital offers investors a wide range of services to facilitate trading, clearing and settlement.

In its filing to Dubai Financial Market (DFM), the company said the proposal to acquire AlWaqan Capital Investment will be carried out through a capital increase of AED4.85 billion ($1.32 billion) - taking the total from AED173.4 million ($47.2 million) to AED5.023 billion ($1.36 billion).

BHM Capital Financial Services recently held its General Assembly Meeting virtually to discuss the proposal.

As per the deal, the capital hike will be used in exchange for in-kind shares and issuance of new shares in the company to the shareholders of AlWaqan Capital Investment, it added

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