KUALA LUMPUR: Dubai Investment Group (DIG) yesterday sealed an agreement with BIMB Holdings Bhd to buy 40% stake in unit Bank Islam Malaysia Bhd – the country’s oldest Islamic bank – for RM828mil, signalling the single largest investment to be made by the Dubai-based group in Asia’s financial sector.
Lembaga Tabung Haji (LTH) also signed another agreement with BIMB yesterday to buy 9% stake in Bank Islam for RM186mil via a share sale. Combining the two deals, Bank Islam will get a RM1.01bil boost which it needs to re-capitalise itself and put it on a stronger financial footing.