The Dubai Financial Market has announced the suspension of trading for the shares of Emirates Islamic Bank starting today, June 10, 2025.
This suspension is in line with the completion of the acquisition procedures by Emirates NBD Bank, following the mandatory cash offer made to acquire 100% of the bank’s shares.
Emirates Islamic Bank also stated yesterday that the notification period for the mandatory acquisition of its shares ended on June 7, 2025. The bank received a notice from Emirates NBD regarding the mandatory acquisition of all its shares held by shareholders who did not accept the acquisition offer, as per the conditions outlined in the offer document dated February 27, 2025.
In March, the Board of Directors of Emirates Islamic Bank recommended that shareholders accept the mandatory cash offer from Emirates NBD to acquire all of the bank’s shares, after determining a fair value range of AED 3.68 to AED 4.06 (approximately $1 to $1.1) per share.
According to a disclosure made yesterday, neither Emirates Islamic Bank nor Emirates NBD received any objections regarding the announced mandatory acquisition.
The bank also mentioned that all remaining shares (not previously owned by Emirates NBD) will be transferred to Emirates NBD’s name in the bank’s shareholder registry on or around June 13, 2025.