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Byline: Adeline Paul Raj
CASH-RICH pilgrim fund Lembaga Tabung Haji has taken up Dubai Group's entire portion of convertible preference shares in Bank Islam Malaysia Bhd, sources said.
This means that Bank Islam, Malaysia's oldest Islamic bank, has managed to successfully raise RM540 million to strengthen its capital base and fund its growth plans.
It also means that Tabung Haji's stake in Bank Islam, which stands at 9 per cent currently, will increase substantially to around a fifth of the lender upon conversion of the shares.
Dubai Group, which last week declined its entitlement of the preference shares, will see its stake diluted to around 30 …