Islamic Bank listing cancelled after QIIB takeover

SHARE trading in the Birmingham based Islamic Bank of Britain ended today following the bank’s takeover by its chief shareholder in a deal worth more than £25m.

In a brief statement this morning, the London Stock Market confirmed that the bank’s shares had been cancelled on the Alternative Investment Market.

Qatar International Islamic Bank (QIIB) reached agreement earlier this month on a recommended unconditional cash offer for the entire issued and to be issued share capital of the company not already held by QIIB.
 
The deal was advised in Birmingham by Charles Cattaneo and Ian Stanway of Cattaneo, with Keri Rees and Steven Hacking of Eversheds providing legal advice.

Under the terms of the offer, IBB shareholders have received one penny for each share. The deal valued the bank at £25,464,700.

QIIB already owned 80.95% of IBB and it had injected £20m into the bank last year in an attempt to stimulate growth.

Following takeover, QIIB announced a restructured board. Khalifa Jassim Al – Kuwari, Adel Mohammed Tayyeb Mustafawi and Jamal Abdullah Al -Jamal have all been appointed to the main IBB board with Mr Al-Kuwari assuming the role of chairman.

Mr Al – Kuwari, 34, is a Qatari national and is the chief operating officer of the Qatar Investment Authority and Qatar Holding where he oversees the entire business support infrastructure (Risk, Legal, HR, IT, Finance and Administration) for QIA and QH.