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By Toby Geoghegan, Reuters

Wong & Partners has represented Malaysia's BIMB Holdings Bhd on its $884 million purchase of a 49 percent stake in Bank Islam, the country's oldest and largest standalone Islamic bank, from the Dubai Financial Group and Lembaga Tabung Haji.

Zaid Ibrahim & Co advised Dubai Financial Group, with Zul Rafique & Partners acting as counsel to Lembaga Tabung Haji.

The Wong & Partners team was led by partners Munir Abdul Aziz and Wong Sue Wan, and also includes partner Mark Lim.

BIMB plans to pay for the acquisitions through a renounceable rights issue of 1.5 billion ringgit ($462 million) and a 10-year Islamic bond of 1.5 billion ringgit.

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