Dubai Islamic Bank (DIB) made a formal offer for Tamweel, the Islamic mortgage company in which it owns majority shares. The offer follows the approval from the Securities and Commodities Authority (SCA). DIB currently has i 58.2 per cent of the issued equity of Tamweel.
This bid, which was announced on January 3, 2013, is based on the offer of 10 new DIB shares for 18 existing Tamweel shares held. The fair value of each share for DIB and Tamweel underlying the intended swap is set at Dh2.25 and Dh1.25 respectively. Analysts said the swap offer is below the book value of Tamweel………………………………………..Full Article: Source