Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Download our Media Kit

 





Home / News / Company News
Company News
   

ubai Islamic Bank shareholders approve 100 per cent acquisition of Tamweel
(4 March 2013)

 

Following the conclusion of its Extraordinary General Assembly Meeting (EGM), Dubai Islamic Bank (DIB) announced that the assembly has approved its 100 per cent acquisition of Tamweel PJSC, the Islamic home finance provider.

DIB is the majority shareholder in Tamweel with 58.2 per cent of the issued equity. The assembly voted in favor of DIB’s formal offer to acquire the remaining 41.8 per cent of the issued shares in Tamweel it does not currently own. This bid, which was announced on January 3, 2013, is based on the offer of 10 new DIB shares for 18 existing Tamweel shares held. The fair value of each share for DIB and Tamweel underlying the intended swap is set at AED 2.25 and AED 1.25 respectively.

Following the approval of all regulators, including the Ministry of Economy, the Securities and Commodities Authority of the UAE, Central Bank of the UAE and the Dubai Financial Market, Tamweel shareholders received a copy of the Offer, the Offer Statement and the Acceptance Form by mail. In order to participate in the offer, qualifying shareholders have to submit acceptance forms directly to an appointed broker or custodian. Alternatively, acceptance forms will be accepted at the DIB head office, if delivered by hand and accompanied by valid proof of identification. The offer will remain open until 5pm on Saturday, March 16, 2013.

The assembly also approved DIB’s proposal to issue new shares by way of a capital increase of the bank’s issued share capital in accordance with the Commercial Companies Law. The new DIB shares will be issued to the shareholders of Tamweel who will accept to transfer their shares in Tamweel.

Further, the assembly approved the issuance of non-convertible Sharia compliant Hybrid Tier 1 and Tier 2 capital instruments to raise the bank’s Tier 1 and Tier 2 capital and strengthen its capital adequacy ratio.

His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “We believe that the home finance market is set to grow over the next few years.The 100 per cent acquisition of Tamweel by DIB will not only support the recovery and growth of the sector, but also create strong synergies for both businesses. We thank our shareholders for their approval to the acquisition and believe that it will unlock new opportunities for both entities.”

After the closing of the share swap offer, DIB intends to apply to the Securities and Commodities Authority of the UAE for the delisting of Tamweel shares from the Dubai Financial Market.

Download the Dubai City Guide iPhone mobile app

DubaiCityGuide.com is owned and managed by Cyber Gear


  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
2091
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Daily Guide

 



Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance