The shares rallied 15 percent, the most since March 2012, to 1.33 dirhams at the close in Dubai. About 9.4 million shares traded, 8.3 times the three-month daily average. Tamweel was the biggest gainer in percentage terms on the DFM General Index (DFMGI), which increased 0.2 percent. The yield on Tamweel's $300 million 5.154 percent sukuk fell 3 basis points to 3.4 percent at 2:04 p.m. in Dubai, taking its July drop to 102 basis points.
Dubai Islamic may reopen a tender offer of 10 of its shares for every 18 Tamweel shares held to achieve 100 percent control before delisting the company, Jaap Meijer, Dubai-based director of equity research at Arqaam Capital Ltd., said in e-mailed note to clients yesterday. That offer would amount to a 71 percent upside, he said. Tamweel shares gained 3.6 percent yesterday.
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