Dubai's Emirates NBD makes offer to buy all of Emirates Islamic

Dubai: Emirates NBD has made a mandatory offer to acquire the whole equity in its subsidiary Emirates Islamic Bank. The offer closing date is March 27.

The Emirates NBD offer price is Dh11.95 per share.

On DFM, Emirates Islamic stock is at Dh11.95, slightly off from the 52-week high of Dh12. Currently, Emirates NBD owns 5.42 billion shares in EIB, which adds up to 99.89% of the latter’s ordinary share capital.

Currently, Emirates NBD owns 5.42 billion shares in EIB, which adds up to 99.89% of the latter’s ordinary share capital.

“EIB will continue to operate under the normal course of business and maintain its operations,” said a statement. “Disruption to or cessation of any significant line of operations of EIB is not expected to occur.”

This is the second buyout offer made for UAE listed companies in recent weeks, after Abu Dhabi's Q Logistics' offer for DFM-listed Aramex.

The proposed transactions clearly target better value creation for the longer term. Emirates Islamic has a well-defined share of the local Sharia-based financial services marketplace.

In 2024, Emirates Islamic put together its best profit before tax total of Dh3.1 billion, up 46% increase. Total income closed at Dh5.4 billion while assets grew 27% to Dh111 billion.