AL SALAM BANK-BAHRAIN B.S.C.’s VOLUNTARY CONDITIONAL OFFER TO ACQUIRE UP TO 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 July 2009, 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 up to 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
The Board of Directors of Al Salam is pleased to announce full allotment of one new share in Al Salam for every 2 shares in BSB based on the acceptance and transfer forms received from the shareholders of BSB as of the record date of 6 May 2009 (the
“Record Date”) not exceeding the number of shares surrendered, and not exceeding the number of shares available as per the Share Register.
No. of Shares|
| Issued and paid up ordinary shares of BSB as of Record Date|| 500,000,000|
| BSB shares tendered to Al Salam under the Offer|| 452,150,083|
| Percentage of BSB shares tendered under the offer|| 90.43%|
| New shares in Al Salam allotted (exchange ratio of 1 for 2) || 226,075,075*|
| Al Salam’s paid up ordinary shares prior to acceptance|| 1,200,000,000|
| Al Salam’s paid up ordinary shares after acceptance|| 1,426,075,075|
*In the process of the final allotment, fractions have been rounded up resulting in issuance of 33 additional shares.
Arrangements have been 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.
By the order of the Board:
Al Salam Bank-Bahrain B.S.C.
Date: 22 July 2009