Salama raises AED65 mn from share sale in Saudi insurance outfit

DUBAI: The Islamic Arab insurance Company – SALAMA said it has sold 4.5 million shares out of the 7.5 million shares it holds in the capital of Salama Cooperative Insurance Company, a Saudi joint stock company during the period of August 20 to August 27.

The company statement said that the sale was for a price SR14.19 per share (AED13.91). “This will result in a cash inflow of SR66 million (AED64.68 million) and a positive effect on the profit of the company in the third quarter of the year,” the company added.

It also added that the sale has been conducted as per the company’s new strategy, which is to focus on the local market, boost cash dividends to shareholders, and keep an eye for investments in the insurance sector in the UAE.

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