Further to the deadline of the official offer period on 30 March, 2013, Dubai Islamic Bank PJSC (DIB) is pleased to announce that it has gained the necessary approvals and authorisations to issue new shares in order to execute the share swap for those Tamweel PJSC (Tamweel) investors who validly accepted the offer within the allotted offer period.
The share swap will be executed on Thursday 9th May, 2013 after the Dubai Financial Market (DFM) has closed. Assenting shareholder accounts will be credited automatically with DIB shares and their Tamweel shares will be debited simultaneously. Fractional entitlements will be settled with cash by DIB and distributed by DFM either directly or as appropriately agreed with DFM.
Commenting on the announcement, Dr. Adnan Chilwan, Deputy Chief Executive Officer, DIB, said “We would like to thank the Ministry of Economy, the Securities and Commodities Authority of the UAE, Central Bank of the UAE, the Dubai Financial Market; and the shareholders of DIB and Tamweel for their extraordinary support in helping us expedite the acquisition process. The strength of DIB’s balance sheet and access to DIB’s diverse, low-cost deposit base significantly enhances the attractiveness of this business. This will result in a much more viable and profitable business model going forward. With this acquisition, DIB is now ideally positioned to play its due role in the resurgence of the real estate market in the UAE.”
Investors should contact their broker or custodian in the first instance if they have any questions regarding their new DIB shareholding following the execution of the share swap.