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DIB gets shareholders' nod for Tamweel buyout
- United Arab Emirates: Tuesday, March 05 - 2013 at 05:36
The shareholders of Dubai Islamic Bank (DIB) have approved the lender's 100% acquisition of the emirate's top Islamic mortgage lender, Tamweel. The assembly voted in favour of the formal offer by DIB, which is the majority shareholder in Tamweel with 58.2% of the issued equity, to acquire the remaining 41.8% of the issued shares in Tamweel it does not currently own. After the closing of the share swap offer, DIB plans to apply to the Securities and Commodities Authority of the UAE for the delisting of Tamweel shares from the Dubai Financial Market.
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