Dubai Islamic Bank to acquire mortgage firm Tamweel

DUBAI Thu Jan 3, 2013 8:47am EST

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DUBAI Jan 3 (Reuters) - Dubai Islamic Bank said on Thursday that its board had approved plans to fully acquire Islamic mortgage provider Tamweel, in which it already holds a majority stake of 58.2 percent.

Dubai's largest sharia-compliant lender intends to make a tender offer to buy all shares in the hands of Tamweel's other shareholders, it said in an emailed statement.

Each Tamweel shareholder will be offered 10 DIB shares for every 18 Tamweel shares. After closing the offer, DIB will apply to the regulator to delist Tamweel from the Dubai Financial Market. (Reporting by Praveen Menon; Editing by Andrew Torchia)

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