The BMB Group, a family office and investment group headquartered in the Cayman Islands, has dismissed a newspaper report that it is expected to offer to buy the Paris-listed Club Med holiday package firm. The firm also denied it advised the government of Brunei on investment issues, as suggested by the report.

In a statement, BMB commented on a Sunday Times (of London) article that it was looking to agree a deal valuing the firm at €800 million ($1.03 billion).

"The BMB Group has not been in discussions with any executive or shareholder of Club Med as implied by the Sunday Times article," it said.

The BMB Group was founded by Rayo Withanage and H H Prince Abdul Ali 'Yil-Kabier in 2004. The firm began as a family office but has since expanded significantly to include advisory services, private equity, Islamic asset management and real estate investment capabilities for a much wider client base.

"We have developed a successful business in part because we greatly respect our clients' wishes for confidentiality. However, we can confirm that we do not advise nor represent the Brunei Government on any investment matters. 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,” a spokesperson for BMB Group said.

The BMB Group recently acquired two significant real estate companies in Europe in the space of a couple of months which have been consolidated to over US$5 billion of European and global real estate assets, it said.