Bank Islam plans to raise $149.5m via share sale
by This email address is being protected from spam bots, you need Javascript enabled to view it on Saturday, 11 April 2009
Malaysian sharia lender Bank Islam plans to raise up to 540 million ringgit ($149.5m) by selling preference shares to existing shareholders, a Malaysian newspaper reported on Saturday.
Bank Islam has sent out letters of invitation to its major shareholders including Kuala Lumpur-listed BIMB Holdings and Dubai Islamic Investment Group to participate in the cash call, Bank Islam Managing Director Zukri Samat was quoted as saying.
Zukri said the fundraising plan has been approved by Bank Islam's board, which consists of four representatives from Dubai Islamic.
Dubai Islamic has a 40 percent stake in Bank Islam while Tabung Haji, the Malaysian pilgrims fund, owns the remaining nine percent.
BIMB, which owns 51 percent of Bank Islam, will give its full support to Bank Islam's fundraising exercise, said BIMB Group Managing Director Johan Abdullah.
"Bank Islam is our subsidiary and we want to strengthen its balance sheet," Johan was quoted by the newspaper as saying. (Reuters)
READERS' COMMENTS
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST BANKING & FINANCE
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST BANKING & FINANCE
LATEST MIDDLE EAST BUSINESS NEWS
- Culture & Society: Saudi Arabia expects 2.5m hajj pilgrims this year
- Healthcare: UAE, Saudi launch swine flu vaccination campaigns
- Construction & Industry: Japanese builders owed billions for Dubai work - official
- Transportation: RTA unveil new plans for driver safety in Dubai
- Politics & Economics: Emerging markets 'havens for stolen assets' - World Bank
SHARE PRICE CHECK
RELATED STORIES
Abu Dhabi Islamic Bank - UAE
- Saudi Saad's sukuk investors mull setting up committee
14 Jul '09 | News - The loan danger
9 Apr '09 | Features
Bahrain Islamic Bank
- Bahrain Islamic Bank posts Q3 loss on bad loans
21 Oct '09 | News - GIC-GDF Suez complete Bahrain project financing
26 Jul '09 | News - Dar gets ratings downgrade
18 May '09 | News
Dubai Islamic Bank PSJ (DIB)
- Double digit growth for Islamic banking assets in 2009
5 Nov '09 | News - Dubai Islamic Bank Q3 net profit falls 31%
24 Oct '09 | News - Dubai's Rasmala eyes $133m Saudi property fund
5 Oct '09 | News
Dubai Islamic Investment Group
Qatar Islamic Bank
- Qatar Islamic Bank reports $51.44m Q3 profits
14 Oct '09 | News - QIB not exposed to Saudi Saad, Algosaibi Groups
18 Aug '09 | News - Qatar Islamic Bank launches Global Sukuk Plus Fund
26 Apr '09 | News
Sharjah Islamic Bank
- SIB posts 7% profits increase
18 Apr '09 | News - Sharjah Islamic launches drive-thru ATM
2 Nov '08 | News
RELATED LINKS
- Abu Dhabi Islamic Bank - UAE»
- Bahrain Islamic Bank»
- Dubai Islamic Bank PSJ (DIB)»
- Qatar Islamic Bank»
- Sharjah Islamic Bank»




