Emirates Islamic Bank said on Monday that it will delist from the Dubai Financial Market (DFM) following the full acquisition of its shares by Emirates NBD.
“EIB will instruct the DFM to suspend trading of its shares with effect from Tuesday, 10 June 2025 and all remaining EIB shares (not already held by ENBD) will be re-registered in the name of ENBD in EIB’s share register on or around 13 June 2025,” said the bank in a statement on the DFM.
The statement added that Emirates NBD will settle any cash consideration due to those remaining EIB shareholders through the relevant payment method as registered with Dubai CSD at DFM by such EIB shareholders.
$19 million deal to make Emirates NBD sole owner
Emirates Islamic Bank recently announced that it had received a notification from Emirates NBD with regards to the mandatory acquisition of all shares in EIB held by shareholders who have not accepted Emirates NBD’s offer in accordance with the terms of the Offer Document dated 27 February 2025 in order to attain 100 percent ownership of the entire issued and paid up share capital of EIB.
Emirates Islamic Bank shareholders were notified that the notice period for mandatory acquisition ended on June 7, 2025. The bank added that as of Monday, neither Emirates Islamic Bank nor Emirates NBD has received any objection to the mandatory acquisition announced on April 8, 2025.
In late February, a statement on DFM revealed that Emirates NBD is set to acquire all the shares in Emirates Islamic Bank for a cash consideration of AED11.95 per share or AED69.8 million ($19 million) in total. Emirates NBD already holds 5,424,573,891 shares or 99.89 percent of Emirates Islamic Bank’s ordinary shares.
Read: UAE Central Bank issues 7,000 commemorative coins for Dubai Islamic Bank’s Golden Jubilee
Emirates Islamic Bank to maintain operations following acquisition
Following the acquisition, Emirates NBD noted that it intends to maintain Emirates Islamic Bank’s commercial registration and trade name. The bank will continue to operate under the normal course of business and maintain its operations.
Emirates NBD’s full acquisition comes after Emirates Islamic announced a record profit before tax of AED3.1 billion in 2024, marking a 46 percent increase compared to the previous year. Additionally, net profit reached a landmark high of $AED2.8 billion, demonstrating a robust 32 percent growth.
