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Dubai-listed Islamic lender Emirates Islamic (EIB) has accepted an offer from majority shareholder Emirates NBD to acquire its remaining shares, following which it will be de-listed from Dubai Financial Market (DFM).
Emirates Islamic’s board will recommend the offer to the bank’s shareholders following a KPMG valuation report.
Emirates NBD currently holds 99.89% of the shares and will pay AED 11.95 per share ($3.25).
The offer includes cancellation of the listing of EIB’s shares and the re-registering of the purchased shares in the name of Emirates NBD.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
