Jordan Kuwait Bank Sold a Capital of 66.97% in BHM Capital - UAE

Oct 8, 2023


Jordan Kuwait Bank (JKB) has announced the successful completion of a substantial deal, selling a portion of its investment in BHM Capital – UAE, to Ethmar International Holding (EIH) - United Arab Emirates. This deal accounted for 66.97% of BHM Capital's total capital, equivalent to 161 million UAE Dirhams, or JOD 30.6 million. As a result, JKB has achieved a net profit of approximately JOD 8.3 million after taxes. This was after completing the procedures and approvals from the relevant authorities in both countries.

The deal was announced during a ceremony held on Thursday, October 5, at the Louvre Abu Dhabi Museum, in the presence of Haethum Buttikhi – Chief Executive Officer at Jordan Kuwait Bank, and Ali El Gebely – Chief Executive Officer at Ethmar International Holding.

On this occasion, Nasser Al-Lozi - Chairman of Jordan Kuwait Bank, confirmed that this strategic step came after the Board of Directors’ evaluation of the expected positive impact on the company's profitability and financial position. This is in line with the Bank's strategy to optimize the returns on its investments.

For his part, Haethum Buttikhi stated, "We are always striving to strengthen our financial position and achieve the best returns for the Bank's shareholders by investing in the opportunities available to us, locally and regionally. He further mentioned: “We have retained 10% of the company’s capital as a strategic investment, which may provide future opportunities for the Bank. In addition to providing the best services to customers in the United Arab Emirates.”