The voluntary acquisition of Bahrain Islamic Bank (BISB) by National Bank of Bahrain (NBB) will close this week on January 15, 2020.
With four days left until the application deadline, shareholders of BISB who wish to participate in the offer may do so by visiting one of the participating branches of BISB including the Head Office in the Diplomatic Area, Budaiya, Hamad Town, and Arad or one of NBB’s participating branches including NBB’s Head Office in Manama, Tubli, Seef Mall, Atrium Mall, and Al Istiqlal Highway. Shareholders can also visit SICO’s receiving desk at the Bahrain Bourse. All completed and signed acceptance and transfer forms are to be submitted by close of business on the final closing date of January 15, 2020. BISB shareholders participating in the offer will receive their payment in cash or shares at the option and discretion of each BISB shareholder on the settlement date of January 22, 2020.
Participation in the offer is optional, and BISB shareholders opting not to participate in the offer are not required to submit any forms.
On December 31, 2019 an announcement was made that the acceptances by BISB shareholders of the NBB offer reached a total of 47.64% of the issued share capital of BISB exceeding the 40.94% minimum acquisition condition and thereby rendering the offer unconditional as to acceptances by BISB shareholders.
The transaction will take place at either cash of BHD 0.117 per BISB share or a share exchange at a ratio of BHD 0.167 NBB shares per BISB share, each at the option of the BISB shareholder.
SICO is a leading regional asset manager, broker, market maker and investment bank, with USD 2.1 bn in assets under management (AUM). Today SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees three wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Financial Brokerage, a specialised regional custody house, SICO Fund Services Company (SFS), and a Saudi-based asset management provider, SICO Financial Saudi Company. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region’s major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank’s continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 100 exceptional employees.
© Press Release 2020