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Dubai Group stake in Bank Islam falls

Posted on 09 October 2009

From Maktoob.com: Dubai Group’s stake in Malaysia’s Bank Islam has dropped to 30 percent from 40 percent after another shareholder, pilgrim fund Tabung Haji, snapped up the Dubai entity’s portion of convertible preference shares the bank had offered.

Bank Islam had said on Oct. 1 that Dubai Group had not accepted its April offer to buy preference shares, part of the oldest Malaysian Sharia-compliant bank’s exercise to raise 540 million ringgit ($158 million) to boost its capital base………………..Full Article: Source

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