Boubyan Bank raises stake in Bank of London and Middle East Holdings to 67.44 pct

KUWAIT: The Kuwait based Boubyan Bank has raised its stake in the London based Bank of London and The Middle East Holdings from 27,91 to 67.44 percent.

Boubyan Bank is pleased to announce that, as at 27 January 2020 (being the first closing date for acceptances of the offer), it had received valid acceptances in respect of a total of 73,263,270 BLME Shares, Deputy CEO of Boubyan Abdul Salam Al Saleh said in a press release issued on Tuesday.

He added that these share are (representing approximately 39.52 percent) of the issued ordinary share capital of BLME, excluding BLME shares held in treasury), which, when taken together with Boubyan Group’s existing shareholdings in BLME, represent approximately 67.44 percent of the issued ordinary share capital of BLME (excluding BLME shares held in treasury).

Al Saleh noted that the offer will remain open for acceptances until 1.00 p.m. (London time) on 19 February 2020 or such later time(s) or date(s) as Boubyan Bank may determine, subject to the consent of the Panel on Takeovers and Mergers of the UK and the Dubai Financial Services Authority, where required.

Following completion of the offer, Boubyan Bank intends that BLME will continue to operate as a standalone group within the wider Boubyan Bank business, according to the statement.

On 5 December, Boubyan Bank announced that it had reached agreement with the independent directors of BLME on the terms of a recommended all cash offer by Boubyan Bank to acquire the shares of BLME (other than the BLME shares already held by Boubyan Bank (or its associates) and BLME shares held in treasury).

BLME is a UK public limited company listed on Nasdaq Dubai and the direct holding company of The Bank of London and the Middle East plc, which provides Sharia compliant financial services to its customers. Boubyan Bank has been a long term shareholder of BLME.

On 20 December 2019, Boubyan Bank published an offer document setting out the full terms and conditions of the offer.

Under the terms of the offer, BLME shareholders are entitled to receive USD 1.05 per BLME share.

Moreover, Boubyan Bank had received irrevocable undertakings from certain BLME directors and BLME shareholders to accept the offer in respect of approximately 13.21 percent of the issued ordinary share capital of BLME (excluding BLME shares held in treasury) as at 4 December 2019.

Source: Kuwait News Agency