The board of directors of Dubai Islamic Bank (DIB) today approved the exchange rate of 5.49 Shares in Noor Bank for each new bank share by issuing 651.16 million new shares to strategic partners.
The bank added that the board approved the general assembly meeting to be held on December 17, to discuss the decision to acquire Noor Bank, and set a second meeting in case the quorum is not completed, on Tuesday, December 24, 2019.
The Board also approved the amendment of Article 14 of the Bank’s Articles of Association through the proposal of the General Assembly to increase the paid-up capital of the Bank with a nominal value of 651.16 million new shares.
The bank also approved the legal documents and undertakings necessary to implement the acquisition, the bank said in a statement on the Dubai Financial Market.
The bank added that it has obtained the approval of the Central Bank to complete the acquisition, as well as the approval of the Securities and Commodities Authority to hold the general assembly.
Noor Bank is owned by Noor Investment Group and Emirates Investment Authority, which will later become strategic investors in Dubai Islamic Bank.
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