Today's Edition
SREENIVASA REDDY (ABU DHABI)
Emirates NBD has made a mandatory cash offer to acquire all the remaining shares in Emirates Islamic Bank (EIB), a move that would give the banking giant full ownership of its Islamic banking subsidiary.
This was revealed in a market disclosure posted on the website of the Dubai Financial Market (DFM) on Tuesday.
According to data available with the DFM, Emirates NBD already owns 99.89% of shares in EIB. The remaining 0.1% of shares will now be acquired at Dh11.95 per share.
The proposal was formally presented to the Board of Directors of EIB, which has reviewed the offer and passed a resolution to proceed with the required regulatory procedures. This includes adherence to the acquisition and merger rules set forth by the UAE Securities and Commodities Authority (SCA).
EIB will maintain its separate business identity post-acquisition, the notification said. However, its shares will be delisted from the DFM once the acquisition is completed. The total cost of the acquisition is estimated at Dh69.88 million.
EIB’s market capitalisation, according to the latest DFM data, stands at Dh64.893 billion. No trading was witnessed in EIB shares after the announcement.
