Global Arab Network | Qatar International Islamic Bank seeks 81% of Bank Islamic Bank of Britain

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Qatar International Islamic Bank seeks 81% of Bank Islamic Bank of Britain

Thursday, 29 July 2010 17:01

Qatar International Islamic Bank (QIIB) wants to raise its holding in Islamic Bank of Britain to a "significant stake" by offering to buy new shares.

The increase is subject to regulatory approval and shareholders of the Islamic Bank of Britain (IIB), it said in a statement on the bourse website.

On Tuesday, IBB announced plans to raise $31mn through the placement of new shares priced at 1 pence per share to QIIB and that trading continued to be "challenging".

"The Company has explored its options for raising new finance and concluded that its shareholders are best served by the Company securing funds from an existing shareholder, QIIB", it said.

The shares will be issued at a 69.2% discount to the 3.25 pence per share price on July 26 and a 67.5% discount to the net book value per share as at end of 2009.

QIIB holds an 11.2% stake in the IBB and is the Gulf state s sixth largest lender by market value.
Following the shares placement, the Qatari lender will be an 81% shareholder in IBB.

Shares in QIIB were trading 0.9 percent higher at 0930 GMT.

Following the shares placement, the Qatari lender will be an 81 percent shareholder in IBB.

Members of Qatar's ruling al-Thani family are also major shareholders in the bank which listed on the London Stock Exchange in October 2004.

A meeting of IBB shareholders has been called for August 17. (Reuters, QNA)

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