Dubai Islamic Bank (DIB) today announced its shareholders' prospectus to increase its capital through the entry of strategic partners - Noor Bank shareholders - as subscribers to the capital increase through in-kind share.
The Board of Directors of the Bank has approved the acquisition of Noor Bank shares in accordance with the process of exchange of shares and capital increase through strategic investment, through the issuance of new shares of the Bank in exchange for a 99.999% stake in Noor Bank owned by Noor Investment Group and Emirates Investment Authority, which They will later become strategic investors, in the bank (stock exchange).
The fee for the strategic investment is an in-kind share of the exchange of shares of Noor Bank for its new shares, equivalent to 5.49 shares in Noor Bank for each new share in the bank.
Noor Group will receive 622.40 million new shares in the bank, while Emirates Investment Authority will receive 28.76 million shares, according to the bulletin.
The General Assembly of the Bank is required by a special resolution to increase the capital through strategic investment on December 17, 2019.If the quorum is not completed, the second meeting will be held on December 24.
Noor Bank's shares will be listed on behalf of Dubai Islamic Bank within 30 working days from the effective date (first general meeting). The new shares will be issued and allocated to Noor Group and Emirates Investment Authority within 40 working days from the effective date.
According to the Offering, the listing of the Bank's new shares will be accepted on DFM within 45 working days from the effective date.