2.22 AM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

Dubai Islamic Bank makes offer for remaining Tamweel shares

Dubai Islamic Bank (DIB) has offered Dh1.25 per share in cash to buy the remaining shares in its mortgage unit Tamweel. (Supplied)

Published
By Reuters

Dubai Islamic Bank (DIB) has offered Dh1.25 per share in cash to buy the remaining shares in its mortgage unit Tamweel, the bank said on Wednesday.

The offer will be open for one month until it expires on April 30.

DIB currently holds 86.5 per cent of Tamweel and is in the process of buying the remaining 13.5 per cent, it said. It took a57.33 per cent stake in 2010. The bank's board in January 2013 approved plans to fully acquire Tamweel.