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Close of offer to the shareholders of Bahraini Saudi Bank

​AL SALAM BANK-BAHRAIN B.S.C.’s VOLUNTARY UNCONDITIONAL OFFER TO ACQUIRE UPTO 100% OF THE ISSUED AND PAID UP ORDINARY SHARES OF BAHRAINI SAUDI BANK B.S.C.

THE CENTRAL BANK OF BAHRAIN, THE BAHRAIN STOCK EXCHANGE AND THE MINISTRY OF INDUSTRY AND COMMERCE, IN THE KINGDOM OF BAHRAIN, ASSUME NO RESPONSIBILITY FOR THE ACCURACY AND COMPLETENESS OF THE STATEMENTS AND INFORMATION CONTAINED IN THIS ANNOUNCEMENT AND EXPRESSLY DISCLAIM ANY LIABILITY WHATSOEVER FOR ANY LOSS HOWSOEVER ARISING FROM THE RELIANCE UPON THE WHOLE OR ANY PART OF THE CONTENTS OF THIS ANNOUNCEMENT.
THE DIRECTORS OF AL SALAM BANK-BAHRAIN-B.S.C. ISSUING THIS ANNOUNCMENT JOINTLY AND SEVERALLY ACCEPT FULL RESPONSIBILITY FOR THE ACCURACY OF INFORMATION CONTAINED IN THIS ANNOUNCEMENT.  TO THE BEST OF THE KNOWLEDGE AND BELIEF OF THE DIRECTORS, WHO HAVE TAKEN ALL REASONABLE CARE TO ENSURE THAT SUCH IS THE CASE, THE INFORMATION CONTAINED IN THIS ANNOUNCMENT IS IN ACCORDANCE WITH THE FACTS AND CONTAINS NO OMISSIONS LIKELY TO AFFECT THE IMPORTANCE AND COMPLETENESS OF THIS ANNOUNCMENT.

Reference is hereby made to the public announcements dated 2 June 2009 and 22 April 2009 and the offer document (the “Offer Document”), dated 21 April 2009, of Al Salam Bank-Bahrain B.S.C. (“Al Salam”) to acquire upto 100% of the issued and paid up ordinary shares of Bahraini Saudi Bank B.S.C. (“BSB”) at an exchange ratio of one new share of Al Salam for every two shares of BSB (the “Offer”). 

The Board of Directors of Al Salam is pleased to announce the successful conclusion of the Offer which opened on 17 May 2009. 

A total of 452,150,083 BSB shares were surrendered, representing 90.43% of the total issued and paid up ordinary shares of BSB. Al Salam will issue 226,075,075 new shares in Al Salam to the shareholders of BSB who have accepted the Offer.

All BSB shareholders who have accepted the Offer shall receive a notice of allotment mentioning the number of new shares in Al Salam allotted to them.

BSB shareholders who have accepted the offer and hold their BSB shares in physical form will be required to submit their original BSB share certificates to the Registrar in order to obtain a confirmation of allotment and to arrange for the allotment of Al Salam Bank-Bahrain B.S.C. shares to be held in the Bahrain Stock Exchange CDS system.

If the shareholder holds BSB shares with the Bahrain Stock Exchange’s CSD system, the new shares will be issued in electronic form and will be reflected in the statement of account issued by the Bahrain Stock Exchange.

Arrangements will be made with the Bahrain Stock Exchange for the listing of the new shares.

The Board of Directors of Al Salam wishes to thank the shareholders of BSB for their overwhelming support to the Offer and for their confidence in Al Salam. The Board of Directors also wishes to extend its deep thanks to the Central Bank of Bahrain, the Ministry of Industry and Commerce, the Capital Market Supervision Directorate and the Bahrain Stock Exchange for their invaluable guidance and support, for the successful completion of this Offer.

Key Contacts:

Offered
Al Salam Bank Bahrain B.S.C.
Building 22, Avenue 58
Al-Seef District 436
PO Box 18282
Manama
Kingdom of Bahrain
Tel: (+973) 17560000
Fax: (+973) 17560003

Issue Advisor and Receiving Agent
Key point Consulting W.L.L.
24th Floor, NBB Tower
Government Avenue
P.O. Box 11718
Manama
Kingdom of Bahrain
Tel: (+973) 1720 0025
Fax: (+973) 1720 0026

Registrar
KPMG Fakhro
5th Floor
Hedaya House 2
Government Avenue
P.O.Box 710
Manama
Kingdom of Bahrain
Tel: (+973) 17215080
Fax: (+973) 17212055