Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
Emirates Islamic Bank (EIB) is set to be delisted from the Dubai Financial Market (DFM) as the proposed 100% acquisition by parent company Emirates NBD nears completion.
In a stock market disclosure, EIB confirmed it had instructed the DFM to suspend trading of its shares from Tuesday, June 10, as the notice period for the mandatory acquisition of all remaining shares by Emirates NBD ended on June 7.
The disclosure noted: “Neither EIB nor Emirates NBD has received any objection to the mandatory acquisition announced on April 8.”
“All remaining shares will be re-registered in the name of Emirates NBD in EIB’s share register on or around June 13,” the disclosure added.
Shareholders of EIB who have not yet accepted the offer will receive their cash consideration through appropriate channels starting from Monday, according to the same filing. The disclosure was signed off by Dr Ahmed Alkhalfawi, Head of Legal at EIB.
Emirates NBD initiated the acquisition process in February this year, offering to acquire all remaining shares in EIB at Dh11.95 per share. Prior to the offer, Emirates NBD already held 99.89% of EIB’s share capital. The total cost of acquiring the remaining shares is estimated at Dh69.88 million.
A previous statement indicated that EIB would retain its separate business identity following the acquisition. As of Monday, the market capitalisation of EIB stood at Dh56.20 billion.
