Dubai Islamic Bank (DIB) announced its formal bid to purchase 100 percent of mortgage provider Tamweel following approval from the Securities and Commodities Authority.
Dubai’s largest Sharia-compliant lender, which already owns a 58.2 percent stake in Tamweel, will offer ten new DIB shares for 18 existing Tamweel shares held, it said in a statement Sunday.
DIB’s offer is subject to final shareholder approval and will be presented to investors on March 3.
“With the necessary regulatory approvals now in place, DIB is ready to move forward with the next stage of its bid for Tamweel,” Dr Adnan Chilwan, deputy CEO.
No comments:
Post a Comment