Latest news with #Dh69.88
Al Etihad
09-06-2025
- Business
- Al Etihad
Emirates Islamic Bank shares to stop trading on DFM from Tuesday
9 June 2025 10:32 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 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 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 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. Stock Markets Continue full coverage
Al Etihad
05-03-2025
- Business
- Al Etihad
Emirates NBD to fully acquire Emirates Islamic Bank
25 Feb 2025 14:26 SREENIVASA REDDY (ABU DHABI)Emirates NBD has made a mandatory cash offer to acquire all the remaining shares in Emirates Islamic Bank (EIB), a move that would give the banking giant full ownership of its Islamic banking subsidiary. This was revealed in a market disclosure posted on the website of the Dubai Financial Market (DFM) on to data available with the DFM, Emirates NBD already owns 99.89% of shares in EIB. The remaining 0.1% of shares will now be acquired at Dh11.95 per proposal was formally presented to the Board of Directors of EIB, which has reviewed the offer and passed a resolution to proceed with the required regulatory procedures. This includes adherence to the acquisition and merger rules set forth by the UAE Securities and Commodities Authority (SCA).EIB will maintain its separate business identity post-acquisition, the notification said. However, its shares will be delisted from the DFM once the acquisition is completed. The total cost of the acquisition is estimated at Dh69.88 million. EIB's market capitalisation, according to the latest DFM data, stands at Dh64.893 billion. No trading was witnessed in EIB shares after the announcement.
