Assets merger with Dallah Al Barakah Group
At an Ordinary and an Extraordinary General Assembly today, Tuesday 10 July 2001, shareholders of The International Investor ("TII") voted their approval for the proposed assets-merger deal between TII and Dallah Albaraka Group.
Shareholders approved changes to TII's Articles of Association that would enable TII's capital to be increased from KD 17.68 million to KD 50.68 million, and TII's Board of Directors to be increased from 7 to 9 members.
Adnan Al Bahar, TII chairman and managing director said:
"We welcome the decision of our shareholders to give the green light to our assets-merger deal with 9 Dallah Albaraka Group banks. This means that we can now go ahead and raise the extra capital necessary to conclude this groundbreaking deal.
Interest to date by investors has been very encouraging, and this is reflected by TII's share price, which has been traded between KD 0.250 and KD 0.255 during the past week. Our shareholders today have signaled that they share our vision for the future growth and development of TII. By joining forces with Dallah Albaraka, we will create a new entity that will help to shape the future of Islamic finance.
The new entity, which will be one of the world's top three Islamic financial institutions, will offer unrivalled diversity of Islamic banking and investment products, as well as unique coverage across the Middle East and Africa. Shareholders, together with clients, business partners and staff, will benefit from the advantages and security of being part of a global Islamic financial powerhouse.
Subject to final regulatory approval, we confidently expect to conclude this deal during the third quarter of this year," said Mr Al Bahar.