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Dubai Islamic Bank slips after formal offer to Tamweel
- United Arab Emirates: Monday, February 25 - 2013 at 16:21
The Dubai Financial Market (DMF) General Index lost 0.10% Monday to close at 1,944 points. Dubai Islamic Bank of DIB fell 0.45% to Dhs2.22. Earlier in the day, DIB said that for the planned complete takeover of Islamic home financing company Tamweel it offers 10 DIB shares per 18 Tamweel shares. "The fair value of each share for DIB and Tamweel underlying the intended swap is set at Dhs2.25 and Dhs1.25 respectively," said DIB in a statement to the DFM. Tamweel gained 0.88% to finish Monday trading at Dhs1.15. Since 2010, DIB had a 58.2% majority stake in Tamweel which suffered severe losses as a result of the real etstate crash triggered by the global financial crisis.
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Gérard Al-Fil, Financial JournalistMonday, February 25 - 2013 at 16:21 UAE local time (GMT+4)
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