Dubai Islamic Bank (DIB) has announced that its extraordinary general assembly meeting (EGM) has voted in favor of 100% acquisition of the UAE mortgage loan provider Tamweel PJSC.
The UAE lender already owns a majority stake of 58.2% in the home finance provider and now is gearing up to bid for acquisition of the remaining 41.8% of issued shares of the company.
Dubai Islamic Bank deputy chief executive officer Adnan Chilwan said, "With the necessary regulatory approvals now in place, Dubai Islamic Bank is ready to move forward with the next stage of its bid for Tamweel."
Originally announced on 3 January 2013, the bid offers 10 new DIB shares for 18 existing Tamweel shares, while the fair value of each share for DIB and Tamweel underlying the intended swap have been put at AED2.25 and AED1.25, respectively.
Regulatory approvals from the Ministry of Economy, the UAE SCA, UAE Central Bank and the Dubai Financial Market are yet to be received.
Acceptance forms for shareholders without any broker or custodian relationship will be accepted on 16 March.
Set up in 1975, Dubai Islamic Bank shares are listed on the Dubai Financial Market and the bank manages 82 branches across the country.