DIB sets Tamweel share swaps date
Dubai, May 8, 2013
Dubai Islamic Bank (DIB) said it has gained the necessary approvals and authorisations from the government financial institutions to execute the share swap with Tamweel investors on Thursday (May 9).
DIB is the majority shareholder in Tamweel with 58.2 per cent of the issued equity.
The Islamic lender had extended the deadline to March 30 for acceptance of Tamweel share swap applications, to allow adequate time for shareholders to complete administrative formalities.
Announcing the new dates of share issuance and Tamweel share swap, Dr Adnan Chilwan, the deputy CEO said, "Assenting shareholder accounts will be credited automatically with DIB shares and their Tamweel shares will be debited simultaneously. Fractional entitlements will be settled with cash by DIB and distributed by DFM either directly or as appropriately agreed with DFM."
He thanked the Ministry of Economy, the Securities and Commodities Authority of the UAE, Central Bank of the UAE, the Dubai Financial Market; and the shareholders of DIB and Tamweel for their extraordinary support in helping the bank expedite the acquisition process.
"The strength of DIB’s balance sheet and access to DIB’s diverse, low-cost deposit base significantly enhances the attractiveness of this business. This will result in a much more viable and profitable business model going forward. With this acquisition, DIB is now ideally positioned to play its due role in the resurgence of the real estate market in the UAE," he added.-TradeArabia News Service
More Finance & Capital Market Stories
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit