- Brookfield Asset Management (BAM.A) is solidifying its commitment to diversity with the appointment of Hutham Olayan to its Board of Directors
- Hutham is the current Chair of The Olayan Group and has an extensive history as a long-term investor in a variety of asset classes
- Her appointment brings the number of Brookfield’s female directors to six, representing the majority of its independent directors
- The news follows yesterday’s proposal by Brookfield to take its commercial real estate arm, Brookfield Property Partners, private
- Brookfield Asset Management is currently down 1.09 per cent to C$49.89 per share
Brookfield Asset Management (BAM.A) is solidifying its commitment to diversity with the appointment of Hutham Olayan to its Board of Directors.
Hutham is the current Chair of The Olayan Group, a multinational investment enterprise founded in Saudi Arabia in 1947. As a leading operator of several businesses in the country, she has an extensive history as a long-term investor in a variety of asset classes within global markets.
“As an accomplished business leader and skilled director, she brings vast knowledge and significant experience in international business to the board of directors,” said Frank McKenna, Chair of Brookfield Asset Management.
“Ms. Olayan’s appointment furthers our strong commitment to diversity throughout Brookfield and brings the number of our female directors to six, which constitutes – I am very pleased to be able to say – a majority of our independent directors,” he added.
Hutham’s appointment follows yesterday’s proposal by Brookfield to take its commercial real estate arm, Brookfield Property Partners, off the public market.
The Canadian firm, which has roughly US$575 billion (C$730.92 billion) in assets under management, has offered to purchase all of the units it doesn’t already own in Brookfield Property Partners for a price of US$16.50 (C$20.97) each, valuing the deal at around US$5.9 billion (C$7.5 billion).
Nick Goodman, CFO of Brookfield Asset Management, said the deal presents an attractive opportunity for Brookfield Property Partners’ unit holders to either monetise their holding at a healthy premium, or continue to invest through Brookfield shares.
“The privatisation will allow us to have greater flexibility in operating the portfolio and realising the intrinsic value of [Brookfield Property Partners’] high-quality assets,” he added.
Brookfield Asset Management is currently down 1.09 per cent to C$49.89 per share at 10:25am EST.
