Dubai Islamic Bank Makes Offer For Remaining Tamweel Shares - Gulf Business
Now Reading
Dubai Islamic Bank Makes Offer For Remaining Tamweel Shares

Dubai Islamic Bank Makes Offer For Remaining Tamweel Shares

The bank currently holds 86.5 per cent of Tamweel.

Dubai Islamic Bank (DIB), the United Arab Emirates’ largest Islamic bank, has offered Dhs1.25 per share in cash to buy the remaining shares in its mortgage unit Tamweel, the bank said on Wednesday.

The offer will be open for one month until it expires on April 30.

DIB currently holds 86.5 per cent of Tamweel and is in the process of buying the remaining 13.5 per cent, it said.

It took a 57.33 per cent stake in 2010, a move that rescued the mortgage lender, which was struggling during a crash of Dubai’s property market. The bank’s board in January 2013 approved plans to fully acquire Tamweel.

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top