Al Salam Bank B.S.C Purchases Additional Treasury Shares: Financial Analysis
In this article, we delve into the recent announcement by Al Salam Bank B.S.C regarding their acquisition of additional treasury shares, and what this could mean for potential investors.
Summary
Al Salam Bank B.S.C, a leading Islamic retail bank based in Bahrain, recently announced the purchase of 419,223 treasury shares, increasing its total holding from 40,290,950 to 40,710,173. This represents 1.556% of the issued share capital. The bank's future outlook remains neutral.
Source
Summary
The Board of Directors (BOD) meeting to decide on the purchase does not have a specified date. The competent authority approved the purchase on 15th August 2023. The buyback program for treasury shares started on the same day and ended on 12th November 2023. The size of the buyback program was 10%. The purchase took place on 22nd October 2023. The number of shares purchased was 419,223 at an average price of 0.182 fils. This accounts for 1.556% of the issued capital. Approximately 221,000,000 shares remain for purchase. The company chairman or his delegate is Ali Yusuf Al Khaja. The company is Al Salam Bank B.S.C. This is a post share buyback announcement.
Summary
On October 22, 2023, Al Salam Bank B.S.C announced the purchase of 419,223 treasury shares on the Bahrain Bourse. This acquisition increased the bank's total holding of treasury shares from 40,290,950 to 40,710,173, representing 1.556% of the issued share capital. The bank is based in Manama, Bahrain, and is licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain. The announcement was made by Ali Yusuf Al Khaja, the Head of Compliance and MLRO.
