Al Salam Bank B.S.C. Strengthens Its Position with Purchase of Treasury Shares
Al Salam Bank B.S.C. recently announced the purchase of additional treasury shares, further strengthening its position in the market. This article dives into the implications of this move and provides insights into the bank's future prospects.
Summary
Al Salam Bank B.S.C., a leading entity in the Islamic banking industry, has increased its treasury shares, which may indicate a positive outlook for the bank's future. Despite the neutral view on the bank's future, the recent move demonstrates the bank's robust financial standing and its ability to adapt to market dynamics.
Source
Summary
The Board of Directors (BOD) meeting date in which the purchase decision was made is not available. The competent authority approved the purchase on 14th November 2023. The buyback program for treasury shares started on 14th November 2023 and ended on 11th February 2024. The size of the buyback program was 10% of treasury shares. The purchase was made on 28th December 2023, with 637,248 shares purchased at an average price of 0.200 fils. The purchased shares represent 2.022% of the issued capital. Approximately 208,760,000 shares are remaining for purchase. The company's chairman or his deputy is Ali Yusuf Al Khaja. The company is Al Salam Bank B.S.C. This is a post share buyback announcement.
Summary
On 28 December 2023, Al Salam Bank B.S.C. announced that it has purchased 637,248 treasury shares on the Bahrain Bourse and Dubai Financial Market. This purchase has increased the bank's total holding of treasury shares from 52,288,461 to 52,925,709, which is equivalent to 2.022% of the issued share capital.
