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Offeree Board Circular Dated 12 December 2019

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Offeree Board Circular Dated 12 December 2019 OFFEREE BOARD CIRCULAR DATED 12 DECEMBER 2019 THIS OFFEREE BOARD CIRCULAR (“CIRCULAR”) IS IMPORTANT AS IT CONTAINS THE RECOMMENDATIONS OF THE INDEPENDENT COMMITTEE OF THE BOARD OF DIRECTORS OF BAHRAIN ISLAMIC BANK B.S.C. (“BISB” OR THE “OFFEREE”) AND THE ADVICE OF THE PROFESSIONAL INDEPENDENT ADVISER. THIS CIRCULAR REQUIRES YOUR IMMEDIATE ATTENTION. PLEASE READ IT CAREFULLY. Prior to making a decision, each recipient of this Circular is responsible for obtaining independent advice for considering the appropriateness of the Offer with regard to their respective objectives, financial situation and investment needs. If you are in doubt about any aspect of this Circular, you should consult a licensed securities dealer or licensed institution in securities, a bank manager, solicitor or attorney, professional accountant, or other professional adviser. If you have sold or transferred all your shares in BisB, you should immediately forward this Circular together with the Offer Document and Acceptance and Transfer Form to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee. BAHRAIN ISLAMIC BANK B.S.C. (Incorporated in the Kingdom of Bahrain under Commercial Registration No.: 9900) CIRCULAR TO SHAREHOLDERS OF BAHRAIN ISLAMIC BANK B.S.C. in relation to the VOLUNTARY CONDITIONAL OFFER TO ACQUIRE UP TO 100% OF THE ISSUED AND PAID UP ORDINARY SHARES OF BAHRAIN ISLAMIC BANK B.S.C. SUBJECT TO A MINIMUM ACQUISITION OF 40.94% OF THE ISSUED SHARE CAPITAL OF BAHRAIN ISLAMIC BANK B.S.C., BRINGING NATIONAL BANK OF BAHRAIN B.S.C.’S TOTAL STAKE IN BAHRAIN ISLAMIC BANK B.S.C. TO A MINIMUM OF 70% FOR EITHER CASH OR SHARES EXCHANGE AT THE OPTION OF EACH SHAREHOLDER OF BAHRAIN ISLAMIC BANK B.S.C. BY NATIONAL BANK OF BAHRAIN B.S.C. (“NBB”) PROFESSIONAL INDEPENDENT ADVISER LEGAL ADVISER TO BAHRAIN ISLAMIC BANK B.S.C. Gulf International Bank B.S.C Zu’bi & Partners Attorneys & Legal Consultants (Commercial Registration No.: 4660) (Commercial Registration No.: 54272) DISCLAIMER STATEMENT THE CENTRAL BANK OF BAHRAIN, THE BAHRAIN BOURSE AND THE MINISTRY OF INDUSTRY, COMMERCE AND TOURISM, IN THE KINGDOM OF BAHRAIN, ASSUME NO RESPONSIBILITY FOR THE ACCURACY AND COMPLETENESS OF THE STATEMENTS AND INFORMATION CONTAINED IN THIS OFFEREE BOARD CIRCULAR AND EXPRESSLY DISCLAIM ANY LIABILITY WHATSOEVER FOR ANY LOSS HOWEVER ARISING FROM THE RELIANCE UPON THE WHOLE OR ANY PART OF THE CONTENTS OF THIS OFFEREE BOARD CIRCULAR. BAHRAIN ISLAMIC BANK B.S.C. www.bisb.com Bahrain Islamic Bank B.S.C. Al Salam Tower Diplomatic Area, P.O. Box 5240, Manama, Kingdom of Bahrain T: (+973) 17 546 111, F: (+973) 17 535 808 E: [email protected] B BAHRAIN ISLAMIC BANK B.S.C. (Incorporated in the Kingdom of Bahrain under Commercial Registration No.: 9900) OFFEREE BOARD CIRCULAR BAHRAIN ISLAMIC BANK B.S.C. DIRECTORS’ DECLARATION UNLESS OTHERWISE STATED IN THIS CIRCULAR, THE DIRECTORS OF BAHRAIN ISLAMIC BANK B.S.C. ISSUING THIS OFFEREE BOARD CIRCULAR, WHOSE NAMES APPEAR IN THIS DOCUMENT, JOINTLY AND SEVERALLY ACCEPT FULL RESPONSIBILITY FOR THE ACCURACY OF INFORMATION CONTAINED IN THIS CIRCULAR INCLUDING THE APPENDICES. TO THE BEST OF THE KNOWLEDGE AND BELIEF OF THE DIRECTORS, WHO HAVE TAKEN ALL REASONABLE CARE TO ENSURE THAT SUCH IS THE CASE, THE INFORMATION CONTAINED IN THIS CIRCULAR IS IN ACCORDANCE WITH THE FACTS AND CONTAINS NO OMISSIONS LIKELY TO AFFECT THE IMPORTANCE AND COMPLETENESS OF THIS CIRCULAR. STATEMENT FROM THE BOARD OF DIRECTORS OF BAHRAIN ISLAMIC BANK B.S.C. This Offeree Board Circular has been prepared by Bahrain Islamic Bank B.S.C. to provide information to its shareholders in connection with the Offer made by National Bank of Bahrain B.S.C. to acquire up to 100% of the issued and paid up ordinary shares of Bahrain Islamic Bank B.S.C., subject to a minimum acquisition of 40.94% of the issued share capital of Bahrain Islamic Bank B.S.C., bringing National Bank of Bahrain B.S.C.’s total stake in Bahrain Islamic Bank B.S.C. to a minimum of 70% for either cash or shares exchange at the option of each shareholder of Bahrain Islamic Bank B.S.C. IN ACCORDANCE WITH THE TAKEOVERS, MERGERS AND ACQUISITIONS MODULE OF THE CENTRAL BANK OF BAHRAIN RULEBOOK VOLUME 6, THE RECOMMENDATIONS TO THE SHAREHOLDERS IN RELATION TO THE OFFER CONTAINED IN THIS CIRCULAR HAVE BEEN MADE BY THE INDEPENDENT COMMITTEE OF THE BOARD OF DIRECTORS RATHER THAN THE ENTIRE BOARD. THE INDEPENDENT COMMITTEE OF THE BOARD OF DIRECTORS HAS NOT CONSULTED WITH THE OTHER MEMBERS OF THE BOARD IN RELATION TO MAKING RECOMMENDATIONS MADE BY THE INDEPENDENT COMMITTEE CONTAINED IN THIS CIRCULAR. This Circular has been filed with the Central Bank of Bahrain in the Kingdom of Bahrain, in accordance with the requirements of Central Bank of Bahrain Rulebook Volume 6, Takeovers, Mergers and Acquisitions Module. The Board of Directors of Bahrain Islamic Bank B.S.C. hereby declare that, having taken all reasonable care to ensure that such is the case, the information contained in this Circular is, to the best of its knowledge, in accordance with the facts and contains no material omissions. Board of Directors of Bahrain Islamic Bank B.S.C.: Name of Director Title Dr. Esam Abdulla Fakhro Chairman Mr. Brigadeir Ebrahim Abdulla Al-Mahmood Vice Chairman Mr. Khalid Yousif Abdul Rahman Board Member Mr. Muhammad Zarrug Rajab Board Member Mr. Mohammed Abdulla Al Jalahma Board Member Mr. Abdulla Ahmed Kamal Board Member Mr. Khalid Abdulaziz Al Jassim Board Member Mr. Marwan Khaled Tabbara Board Member Mr. Mohamed Abdulla Nooruddin Board Member On behalf of the Board of Directors Dr. Esam Abdulla Fakhro Chairman of the Board of Directors 12 December 2019 02 BAHRAIN ISLAMIC BANK B.S.C. BAHRAIN ISLAMIC BANK B.S.C. CONTENTS I. CORPORATE INFORMATION ...................................................................................................................................... 04 II. DEFINITIONS ....................................................................................................................................................................05 III. EXPECTED TIMETABLE ..................................................................................................................................................08 IV. LETTER TO BISB SHAREHOLDERS FROM THE BOARD ....................................................................................... 09 1. INTRODUCTION .........................................................................................................................................................................09 2. THE NBB OFFER ........................................................................................................................................................................ 10 3. POST-ACQUISITION STRATEGY OF NBB FOR BISB, EFFECT OF THE NBB OFFER AND PROPOSED FINANCING OF NBB OFFER ........................................................................................................................13 4. OPINION ON IMPACT ON OFFEREE’S EMPLOYEES ...................................................................................................13 5. INFORMATION ABOUT THE OFFEREE .............................................................................................................................13 6. INFORMATION ABOUT NBB ................................................................................................................................................ 14 7. RECOMMENDATIONS OF THE INDEPENDENT COMMITTEE AND THE ADVISER’S OPINION ................. 14 8. BISB SHAREHOLDERS’ RESPONSIBILITIES ................................................................................................................... 14 9. ACTION TO BE TAKEN BY BISB SHAREHOLDERS ..................................................................................................... 16 10. SUSPENSION OF TRADING ..................................................................................................................................................21 V. LETTER TO THE BISB SHAREHOLDERS FROM THE INDEPENDENT COMMITTEE .........................................22 IV. FAIRNESS OPINION OF THE PROFESSIONAL INDEPENDENT ADVISER .........................................................24 APPENDICES A. INFORMATION ABOUT THE OFFEREE AND OTHER STATUTORY INFORMATION ............................................28 B. BISB SHARI’A SUPERVISORY BOARD’S FATWA IN RELATION TO NBB ACQUIRING THE SHARES OF BISB .............................................................................................................................................................................39 C. CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 ........ 41 D. CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 ........90 E. CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 .......140 F. CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2019 ....... 200 03 BAHRAIN ISLAMIC BANK B.S.C. I. CORPORATE INFORMATION Board of Directors Dr. Esam Abdulla Fakhro Mr. Brigadeir Ebrahim Abdulla Al-Mahmood Mr. Khalid Yousif Abdul Rahman Mr. Muhammad Zarrug Rajab Mr. Mohammed Abdulla Al Jalahma Mr. Abdulla Ahmed Kamal Mr. Khalid Abdulaziz Al Jassim Mr. Marwan Khaled Tabbara Mr. Mohamed Abdulla Nooruddin Names of Members of the Mr. Mohamed Abdulla Nooruddin Independent Committee Mr. Khalid Abdulaziz Al Jassim Mr. Marwan Khaled
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