business bites STRATEGIC ACQUISITION NBB announced the results of its offer to acquire up to 100-per-cent of the paid-up ordinary shares of Bahrain Islamic Bank (BisB). Acceptances were received in respect of 529,424,282 ordinary shares of BisB which, on completion of settlement, will result in NBB owning a controlling stake of 78.8 per cent of BisB, up from its 29.06-per-cent pre-transaction stake. 93.55 per cent of the acceptances were from institutional shareholders of BisB and the remaininder came from individual shareholders. 94.95-per-cent of all acceptances opted for the cash offer of BD0.117 per BisB share, while the remaining 5.05 per cent opted to swap their BisB shares with newly issued shares of NBB at a share exchange ratio of 0.167 NBB shares per BisB share.
Farouk Almoayyed NBB Chairman
FLYING HIGH Gulf Air marks its 70th anniversary in the Kingdom with a pop-up museum, open to the public for a limited period at City Centre Bahrain, showcasing the airline’s rich history since its take-off in 1950. It features exclusive and rare photographs and memorabilia from different decades of the airline’s journey. Moreover, various aircraft models and Gulf Air’s uniforms from different eras highlight the evolution of the brand over the years. Other than celebrating history, the museum will also display the latest Boeing 787-9 Dreamliner Falcon Gold seat to highlight the future of Gulf Air. The airline will continue its fleet modernisation programme in 2020 and will receive the final three Boeing 787-9 Dreamliners of a 10-aircraft order and will take deliveries of the brand new Airbus 321neo aircraft which will be dominantly deployed on the long-haul European routes.
The transaction is expected to strengthen both the NBB and BisB brands, which will continue to operate as two independent banks, in the local and regional markets. It is also expected to result in asset, revenue, cost, operational and other synergies that are expected to enhance returns.
YOUR FITNESS TECHNO-PARTNER Huawei’s ecosystem of products will help you stick to your fitness resolutions this year. The Huawei P30 Pro smartphone is full of amazing features, available in striking new colours. Besides four camera lenses, it boasts the Huawei SuperSpectrum Sensor and SuperZoom Lens, and is splash-, water-, and dust-resistant. The Huawei Watch GT 2 is a personal trainer, fashion statement, and everyday life assistant in one. Maximise your workouts and meet your goals with a wide range of health tracking features such as Bluetooth calling and music playback, not to mention a battery having as much stamina as you. Pair it with the Huawei Health App to keep a detailed record of information about your sleep habits, weight history, daily burned calories and heart rate, with personalised solutions for each. The sleek and minimalistic Huawei Watch GT 2 42mm is the line’s latest smart wearable. The new Huawei FreeBuds 3 are the perfect solution to sound on the go. Comfortable, ergonomic and cranking out crystal-clear sound no matter the setting, the Huawei FreeBuds 3 can eliminate background noise during calls and enhance your voice simultaneously, thanks to the A1 intelligent chipset. 62 February 2020
FOR YOUR WELLNESS The Ritz-Carlton has revealed the revamped Royal Beach Club, where guests can fully immerse themselves in a total ‘Wellness 360’ experience. In addition to the enhancements at the mixed gym and fitness studio, the venue features a modern design, sleek wooden interiors, and a new indoor heated pool for year-round splashing about. The club’s changing rooms offer key-pad locker facilities, shower areas, private changing rooms, towel-service and Asprey bath products. Guests and members can enjoy a new juice bar, La Vie. The new on-the-go healthy dining concept reveals a modern menu of detox and energy smoothies, juices, coconut water, Nai teas and more. Retreat packages start at BD180++ per night with a minimum two-night stay, and offer luxury airport transportation, Club Room or villa accommodations, a personalised fitness and training itinerary, nutrition consultation, two La Vie juice bar vouchers daily, spa and hydrotherapy treatments, a Dream Well amenity kit and USD100 dining credit. www.bahrainthismonth.com
Vol.24 - Issue 2 - Your guide to a great way of life