Mar 04 2013
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DIB shareholders approve 100% acquisition of Tamweel
Bank's AGM approves 15% cash dividend
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.
The assembly also approved DIB 's proposal to issue new shares by way of a capital increase of the bank's issued share capital in accordance with the Commercial Companies Law. The new DIB shares will be issued to the shareholders of Tamweel who will accept to transfer their shares in Tamweel .
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.
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