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Dubai Financial Group Cuts Bank Islam Stake to 30.5 Percent

Dubai Financial Group LLC cut its stake in Malaysian lender Bank Islam Malaysia Bhd. to 30.5 percent from 40 percent after a capital raising exercise, according to an exchange filing in Kuala Lumpur today.

Dubai Financial didn’t take up an offer to buy the bank’s Islamic preference shares. Lembaga Tabung Haji, a Malaysian pilgrims’ fund which did participate, saw its stake raised to 18.5 percent from 9 percent. BIMB Holdings Bhd. maintained its shareholding at 51 percent, it said.

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