EIIB-Rasmala increases shareholding in asset management subsidiary
European Islamic Investment Bank (EIIB-Rasmala) has increased its shareholding in its subsidiary Rasmala Holdings from 56.8 per cent to 76.3 per cent.
This move to further increase its shareholding follows the successful acquisition and integration of Rasmala, which was initially structured as a minority investment and was later increased to 57 per cent.
In consideration for the acquisition the group has issued 152,308,735 new shares at an exchange ratio of 3.6.
Zak Hydari, chief executive of EIIB-Rasmala, says: "We have now successfully combined the strengths and resources of the two separate businesses to position EIIB-Rasmala as a leading investment banking and asset management group focused on the London and GCC markets. This highly complementary combination has also catapulted us into the top 20 asset managers in the Middle East region. We believe the time is now right to further consolidate the ownership of our fast growing asset management business.”
EIIB-Rasmala has expanded its institutional asset management business over the last 12 months with funds under management having recently exceeded the USD1bn mark. The group has also broadened its asset management product offering during 2013 with the launch of a number of new funds including the Rasmala Trade Finance Fund, the Rasmala Global Sukuk Fund, the Rasmala Leasing Fund and the Rasmala GCC Islamic Equity Income Fund.
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