Sep 29 2010 |
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Tamweel takeover fans Amlak acquisition rumours
With Dubai Islamic Bank ( DIB ) taking over troubled Islamic mortgage lender Tamweel , the market is rife with rumours that Emaar Properties , which is holding its board meeting today, will decide to offload its stake in Amlak Finance , the other non-bank mortgage lender in Dubai.The Dubai-based Emaar Properties is the largest shareholder in Amlak , holding 45 per cent of its shares. No other single shareholder owns more than 5 per cent of Amlak 's shares.
Earlier this week, DIB announced taking a majority 57.33 per cent share in Tamweel , in effect ending merger talks between Tamweel and Amlak , which were officially ongoing since October 2008.
"Until announcements are made, we can't comment," the EIB spokesperson wrote to Emirates 24|7 while declining a "comment on this at this time".
"This is the first step of a much more comprehensive relationship between the two leading Islamic finance institutes in the UAE...," a media statement at that time had said.
Amlak substantially trimmed its losses to Dh9m during the first half of 2010, down from Dh135m during the same period last year.
© Emirates 24|7 2010
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