Fitch: Tamweel on positive watch

Fitch Ratings said it placed Tamweel PJSC's ratings on Rating Watch Positive.

At the same time, Fitch affirmed Dubai Islamic Bank's long-term issuer default rating at A and viability rating at BB.

The placement of Tamweel's issuer default ratings and support rating on Rating Watch Positive follows Tamweel's majority shareholder's announcement of its intention to fully acquire Tamweel in a share swap deal.

The bid is based on an offer of 10 new Dubai Islamic Bank shares for 18 existing Tamweel shares held. The offer was approved by the UAE regulatory authorities and Dubai Islamic Bank shareholders, and is now subject to approval of Tamweel's minority shareholders (deadline is March 31).

Fitch said it will resolve the Rating Watch Positive in the coming weeks, once it has assessed the outcome of the Dubai Islamic Bank share swap offer.

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