Malaysia's Pilgrims Fund to take up Bank Islam shr offer

KUALA LUMPUR, April 20 (Reuters) - Malaysia's Pilgrims Fund Board (LTH) is to take up its allotment in a capital-raising by Malaysia's Bank Islam in which it owns a 9 percent stake, advisors on the deal said on Monday.

Malaysian papers reported recently that Bank Islam, which is 51 percent owned by BIMB Holdings (BIMB.KL), would make a $150 million preference share issue.

According to Monday's release on the stock exchange's website (www.bursamalaysia.com), the share sale is dependent on Bank Islam redeeming a 100 million ringgit ($27.56 million) Mudharabah facility made by BIMB.

The deal also needs regulatory approval.

Dubai Islamic Investment Group has a 40 percent stake in Bank Islam.

($1=3.628 Malaysian Ringgit)

(Reporting by David Chance; Editing by Julie Goh)