BIMB Puts Up $885M To Buy Out Bank Islam Shareholders

Law360, New York (August 1, 2013, 4:51 PM EDT) -- BIMB Holdings Bhd. will put up $884.6 million to buy out two shareholders in its Bank Islam unit, giving it full control of the bank as its braces for anticipated growth in its home Southeast Asian markets and in Islamic banking, it said Thursday.

Of the total consideration, $550 million will go to Dubai Group LLC, which currently holds a 30.5 percent stake in Bank Islam, Malaysia's oldest Islamic lender. The remainder is earmarked for Malaysia's Pilgrims Fund Board, whose slightly smaller ownership interest will round...
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