Emirates Islamic Bank (EIB) will officially delist from the Dubai Financial Market (DFM) today, after Emirates NBD completed the mandatory acquisition of all remaining shares, the lender said in a disclosure (pdf). All shares will be re-registered in Emirates NBD’s name by 13 June, finalizing its 100% ownership of the shariah-compliant bank.

REFRESHER- Dubai’s largest bank by assets offered to acquire the remaining 0.11% freefloat stake in EIB for AED 11.95 apiece in an AED 70 mn transaction in February. Later in April, it secured a 0.078% stake in EIB, bringing its total share ownership to 99.971%, and leaving 0.029% in freefloat. EIB’s board had endorsed the offer following a fair value report and recommended that shareholders accept ahead of the delisting.

What’s next: EIB will continue to operate independently under its current trade name and commercial license, with no changes to its business model, Emirates NBD previously confirmed.

Note for shareholders: Investors who have not received their payment must update their details with Dubai CSD within six months to receive compensation, the disclosure reads. After that period, payouts can be requested directly from Emirates NBD.

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