Emirates NBD plans DFM delisting of EIB: Dubai’s largest bank by assets Emirates NBD is set to become the sole owner of Emirates Islamic Bank (EIB) and delist it from the DFM after offering to acquire the remaining 0.11% free-float stake for AED 11.95 apiece in an AED 70 mn transaction, according to a disclosure (pdf) to the exchange. The offer closes on Tuesday, 27 March. The lender said it plans to enlist a financial advisor.

It’s business as usual for EIB: Despite the delisting, EIB will continue to operate independently, retaining its commercial registration and trade name, the parent company confirmed. EIB’s business operations will also remain unchanged following the transaction. No foreigners are allowed to hold shares in EIB, according to the DFM website.

Market reax: EIB shares remained unchanged at AED 11.95 apiece on yesterday’s close.

OTHER ENBD NEWS-

Emirates NBD’s shareholders approved the establishment of a new debt program worth up to USD 10 bn, allowing the bank to diversify its funding sources and enhance liquidity management, according to a DFM disclosure (pdf). The program will enable the issuance of bonds, sukuk, and other debt instruments across multiple markets, supporting expansion and capital optimization efforts. The program may also include up to USD 2 bn in capital instrument issuances.

Meanwhile, EmiratesIslamic’s shareholders agreed to up the size of the bank’s sukuk program to USD 4 bn, up from USD 2.5 bn previously, according to a separate DFM disclosure (pdf).

The update allows EIB to issue shariah-compliant instruments, including sukuk and structured certificates, under new and existing funding frameworks. The bank also secured authorization to establish special purpose vehicles for sukuk issuance and undertake liability management exercises, such as buybacks and exchange offers.

Tags: