NBB announced the results of its offer to acquire up to 100-per-cent of the paid-up ordinary shares of Bahrain Islamic Bank (BisB).
Acceptances were received in respect of 529,424,282 ordinary shares of BisB which, on completion of settlement, will result in NBB owning a controlling stake of 78.8 per cent of BisB, up from its 29.06-per-cent pre-transaction stake. 93.55 per cent of the acceptances were from institutional shareholders of BisB and the remaininder came from individual shareholders. 94.95-per-cent of all acceptances opted for the cash offer of BD0.117 per BisB share, while the remaining 5.05 per cent opted to swap their BisB shares with newly issued shares of NBB at a share exchange ratio of 0.167 NBB shares per BisB share.
The transaction is expected to strengthen both the NBB and BisB brands, which will continue to operate as two independent banks, in the local and regional markets. It is also expected to result in asset, revenue, cost, operational and other synergies that are expected to enhance returns.
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