FIMBank plc - FIMBank withdraws from Burgan Bank’s offer

In the company announcement dated 5 March 2007 FIMBank stated that it had accepted the terms of an offer from Burgan Bank of Kuwait to acquire a substantial shareholding (not less than 33%) at a price of US$1.70 per share through the issue of new shares for cash. However, this was still subject to a due diligence process.

On 25 April, FIMBank announced that following the successful completion of the due diligence procedures, a suitable basis of understanding regarding the level of “substantial shareholding” that would be in the mutual best interest of FIMBank and Burgan Bank was not reached. As a result the Board of Directors of FIMBank plc stated that it will not be pursuing the interest of Burgan Bank any further.

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