Bank's AGM approves 15% cash dividend
Dubai Islamic Bank (DIB) today announced that the assembly has approved its 100 per cent acquisition of Tamweel, the Islamic home finance provider, following the conclusion of its Extraordinary General Assembly Meeting (EGM).
DIB is the majority shareholder in Tamweel with 58.2 per cent of the issued equity.
The assembly voted in favour of DIB's formal offer to acquire the remaining 41.8 per cent of the issued shares in Tamweel it does not currently own. This bid, which was announced on January 3, 2013, is based on the offer of 10 new DIB shares for 18 existing Tamweel shares held. The fair value of each share for DIB and Tamweel underlying the intended swap is set at Dh2.25 and Dh1.25, respectively.
Following the approval of all regulators, including the Ministry of Economy, the Securities and Commodities Authority of the UAE, Central Bank of the UAE and the Dubai Financial Market, Tamweel shareholders received a copy of the Offer, the Offer Statement and the Acceptance Form by mail. In order to participate in the offer, qualifying shareholders have to submit acceptance forms directly to an appointed broker or custodian. Alternatively, acceptance forms will be accepted at the DIB head office, if delivered by hand and accompanied by valid proof of identification. The offer will remain open until 5pm on Saturday, March 16, 2013.
Further, the assembly approved the issuance of non-convertible Sharia compliant Hybrid Tier 1 and Tier 2 capital instruments to raise the bank's Tier 1 and Tier 2 capital and strengthen its capital adequacy ratio.
Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said: "We believe that the home finance market is set to grow over the next few years.The 100 per cent acquisition of Tamweel by DIB will not only support the recovery and growth of the sector, but also create strong synergies for both businesses. We thank our shareholders for their approval to the acquisition and believe that it will unlock new opportunities for both entities."
15 per cent cash dividend approved at Dubai Islamic Bank AGM
Following the conclusion of its Annual General Assembly Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of a 15 per cent cash dividend for the year 2012.
The bank's 2012 financial statements were also approved during the AGM. For the 12 months ended December 31, 2012, DIB reported a net profit of Dh1.19 billion, compared to Dh1.05 billion in 2011, an increase of 13 per cent. The assembly also reviewed the Fatwa and Sharia Supervisory Board Report, and reappointed Deloitte as the bank's external auditors.
Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said: "DIB's strong financial performance in 2012 is a reflection of the overall vibrancy of the UAE economy. Over the past year, the bank has enjoyed healthy growth in net profit, customer deposits and total assets, and we are delighted to share this success with our shareholders."
Among the highlights for DIB in 2012 was its successful return to the International Capital Markets with the launch of a $500 million five-year Sukuk, which was oversubscribed more than four times, a notable achievement in light of volatile market conditions.
© Emirates 24|7 2013
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