|
First Finance board’s nod for takeover by Barwa Bank |
|
Monday
-
08/02/2010 |
 |
|
Source :
THE PENINSULA |
|
 |
 |
The board of directors of First Finance, the lone listed Islamic financial services company in the country, has given its initial approval for Barwa Bank to acquire 100 % or 75 % of its shares. |
 |
|
The board of directors of First Finance, the lone listed Islamic financial services company in the country, has given its initial approval for Barwa Bank to acquire 100 % or 75 % of its shares.
The Chairman of the board, Rashid Nasser Seraiya Al Kaabi, said that the board will table its recommendation at an extraordinary annual general meeting (AGM) of the company to seek formal approval of the shareholders for the acquisition.
“It’s a logical offer,” he said of Barwa Bank’s offer and pricing. “The board has accepted the offer and we will now make important recommendations to the AGM.”
The chairman said he hoped that the AGM would also approve the offer and once the acquisition materializes the value of its shares would increase the benefit of the shareholders.
“I hope the deal would be sealed soon. These are two great institutions,” he said of First Finance and Barwa Bank. “We hope that after the acquisition we can provide better Islamic financial services to our valued customers,” said the chairman.
|
|
|
|
|