KUALA LUMPUR : BIMB Holdings Bhd (BIMB) has proposed a combination of rights issue and sukuk issuance to the tune of RM2.35 billion for the purchase of an almost 49 per cent stake in Bank Islam Malaysia Bhd . BIMB has been targeting Lembaga Tabung Haji's (LTH) 18.35 per cent stake and Dubai Financial Group's (DFG) 30.47 per cent stake for more than a year. BIMB noted that it has offered RM1.1 billion and RM1.8 billion in cash consideration to LTH and DFG, respectively. To that end it will issue a RM1.6 billion sukuk, with maturities of up to 10 years, for the acquisition exercise. BIMB had been negotiating with DFG on the stake sale since October last year. DFG is a unit of Dubai Group , which reportedly is embroiled in financial trouble with debts exceeding RM32.76 billion . Bank Islam's audited consolidated net assets were worth RM3.1 billion as of December 2012 while its audited consolidated profit was at RM427.26 million .
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