Dubai Financial Group Cuts Bank Islam Stake to 30.5 Percent

Sept. 30 (Bloomberg) -- 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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To contact the editor responsible for this story: Barry Porter at bporter10@bloomberg.net