BMB Group Denies Reported Club Med Bid

CAYMAN ISLANDS A report in The Sunday Times of London claims The BMB Group, an investment company founded by the sultan of Brunei, has made a bid for Club Méditerranée valued at €800 million. Cayman Islands-based BMB, however, denies the report.

“The BMB Group has not been in discussions with any executive or shareholder of Club Med as implied by The Sunday Times article,” says BMB spokesman Harold Alby.

Club Med representatives did not immediately respond to a request for comment from HOTELS.

The Sunday Times cited anonymous sources close to the situation as saying the bid has the support of three of Club Med’s four major shareholders. Talks with the fourth and largest shareholder, Fipar, are expected to be finalized this week, according to the newspaper.

The BMB Group was founded by Rayo Withanage and H.H. Prince Abdul Ali ‘Yil-Kabier in 2004. The firm began as a family business but has since expanded significantly to include advisory services, private equity, Islamic asset management and real estate investment capabilities for a wider client base. “We do not advise nor represent the Brunei government on any investment matters,” Alby says. “We run a private asset management business for a series of Middle Eastern and Far Eastern investors. We have interest in the hospitality sector and are presently working on a number of acquisitions.”