Al Salam Bank B.S.C. Purchases Treasury Shares: A Financial Analysis
Al Salam Bank B.S.C. has recently announced a significant purchase of treasury shares. This article will analyze this move and its implications for investors.
Summary
Al Salam Bank B.S.C., a leading Islamic Retail Bank, has increased its treasury shares holding by 319,408. The bank's total holding of treasury shares now stands at 40,290,950, representing 1.540% of the issued share capital. This move signifies a strong financial position and could potentially lead to increased investor confidence.
Source
Summary
Al Salam Bank B.S.C., based in Manama, Bahrain, announced that it has purchased 319,408 treasury shares on the Bahrain Bourse and Dubai Financial Market on October 19, 2023. This purchase has increased the bank's total holding of treasury shares from 39,971,542 to 40,290,950, which represents 1.540% of the bank's issued share capital. The bank is licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain.
Summary
The Board of Directors (BOD) meeting date for the purchase decision is not available. The competent authority approved the purchase on 15th August 2023. The buyback program for treasury shares started on the same date and ended on 12th November 2023. The size of the buyback program was 10% of treasury shares. The purchase date was on 19th October 2023, and 319,408 shares were purchased at an average price of 0.180 fils. The purchased shares represent 1.540% of the issued capital, leaving approximately 221,400,000 shares for future purchases. The company's chairman or his delegate is Ali Yusuf Al Khaja. The company is Al Salam Bank B.S.C. This information is a post share buyback announcement.
