Dubai Islamic Bank PJSC paid 374.7 million dirhams ($102 million) to buy a controlling stake in Tamweel PJSC as the United Arab Emirates’ biggest Islamic lender sought to boost mortgage financing in Dubai.
Dubai Islamic paid 318.6 million dirhams in cash and 56.1 million dirhams in treasury shares for the stake, according to the bank’s annual report distributed on March 31. The lender in September raised its share in Tamweel to 58.3 percent from 21 percent, without disclosing the value of the transaction.
The deal implies a payment of 1 dirham for each Tamweel share, according to Bloomberg calculations. Tamweel’s shares last traded at 0.99 dirham on Nov. 20, 2008, when they were suspended pending a reorganization. They had a book value of 2.23 dirhams at the end of December, Tamweel’s results show.
No comments:
Post a Comment