Tamweel PJSC (TAMWEEL) fell the most in seven weeks after Dubai Islamic Bank PJSC (DIB)’s offer to take over the mortgage provider via a share swap was seen by Al Ramz Securities LLC as providing “limited upside” for the stock.
Shares of Tamweel fell 4.2 percent, the most since Nov. 19, to 1.14 dirhams at the close in Dubai. About 25 million shares were traded, five times the three-month daily average. Dubai Islamic, the United Arab Emirates’ biggest lender complying with Shariah banking laws, slipped 1 percent to 2.04 dirhams. Tamweel was the biggest decliner on a percentage basis on the benchmark DFM General Index, which gained 0.7 percent.
Tamweel shareholders will be offered 10 Dubai Islamic shares for every 18 held, the bank said Jan. 3. The fair value of Dubai Islamic and Tamweel shares was set at 2.25 dirhams and 1.25 dirhams, respectively. Tamweel shares, which resumed trading in May 2011 after being suspended in 2008, will be delisted from the stock market after completion of the takeover.
Tamweel Drops Most in 7 Weeks on DIB Takeover Offer: Dubai Mover - Bloomberg
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