The National bank of Bahrain (NBB) announced that its offer to acquire Bahrain Islamic Bank (BISB) has secured the required minimum threshold of BISB shareholders acceptances.

The offer is now unconditional as 47.64% of BISB shareholders have accepted the offer.

SICO, the issue execution advisor, receiving agent and allotment agent, has confirmed achieving the condition of 70% ownership by NBB of the issued share capital of BISB.

Acceptances by BISB shareholders of the NBB offer attained a total of 47.64% of the issued share capital of BISB on 31 December 2019, enabling to exceed the 40.94% minimum acquisition condition and make the offer unconditional.

SICO investment banking and real estate head Wissam Haddad said: “Shareholders of BISB who have not yet participated in the offer may do so by visiting one of the participating branches of NBB or BISB or SICO’s receiving desk at the Bahrain Bourse before the final closing date.

“The offer will remain open for further acceptances and for the fulfilment of other conditions detailed in the Offer Document for a period of 15 calendar days from December 31, 2019. The final closing date is January 15, 2020 and BISB shareholders participating in the offer will receive their payment in cash or shares on the settlement date of January 22, 2020.”

Based in Manama of Bahrain, Bahrain Islamic Bank is a commercial bank that was established in 1979.

Claimed to be the first Islamic bank in the Kingdom of Bahrain, BISB operates under an Islamic Retail Bank license from the Central Bank of Bahrain.

With $2.1bn in assets under management, SICO is a regional asset manager, broker, market maker and investment bank. It operates under a wholesale banking licence from the Central Bank of Bahrain.