KUALA LUMPUR, (Reuters) – Dubai Group’s plan to sell its stake in Malaysia’s Bank Islamis unlikely to be completed by June, Bank Islam’s managing director was quoted as saying on Thursday.
“I don’t think it can be done by June,” Zukri Samat was quoted as saying by Malaysia’s official Bernama news agency. “But on our end, we hope there is a good bidder.
Dubai Group, an investment vehicle owned by the ruler of Dubai, had said in October it was reviewing options for its stake in Malaysia’s Bank Islam as it shifts its strategic focus closer to home,
Dubai Financial Group, a unit of Dubai Group, holds a 40 percent stake in the Malaysian lender, according to Bank Islam’s website.
Malaysian Islamic banking group BIMB Holdings Bhd owns 51 percent of Bank Islam, with Lembaga Tabung Haji, or the Malaysian pilgrims fund, holding the remaining 9 percent.
Dubai Group was not immediately available for comment.