Emaar hits 4 Dirham, DIB not honored for Tamweel-move
- United Arab Emirates: Sunday, January 06 - 2013 at 13:55
The DFM General Index gained the third session straight Sunday, ending up 0.74% at 1,694.13 points. The gauge rose sharply above 1,700 after the opening but eventually retreated when the Saudi bourse opened with losses. Bellwether share Emaar Properties surged 2.56% to hit Dhs4.01, representing the highest level since Oct. 2010. The UAE's first developer rose despite the central bank's new rule that limits on mortgage-based property financing for expatriates at 50% of the object's sales price. Senior bankers of local lenders met today in order to discuss the new regulation. Dubai Islamic Bank, known as DIB, lost 0.97% to close at Dhs2.04. DIB said last Thursday it plans to take over 100% in Islamic home financing firm Tamweel in which it already owns 58.2%. Tamweel lost the most (off 4.20% at Dhs1.14). Each Tamweel shareholder will be offered 10 DIB shares for every 18 Tamweel shares held by them, said DIB. The fair value of each share for DIB and Tamweel underlying the intended swap is set at Dhs2.25 and Dhs1.25 respectively. Trading volumes remained solid at the DFM as 321m shares worth Dhs342.5m changed hands.
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