Al Salam Bank B.S.C. Treasury Shares Acquisition: A Strategic Move
In the wake of the recent announcement by Al Salam Bank B.S.C. regarding the purchase of 196,320 treasury shares on the Bahrain Bourse, we delve into the implications of this development and its potential impact on the bank's future prospects.
Summary
Al Salam Bank B.S.C. has increased its holding of treasury shares by 196,320, taking the total to 36,921,320, which accounts for 1.411% of the issued share capital. This strategic move highlights the bank's robust financial standing and its ability to effectively respond to market dynamics.
Source
Summary
Al Salam Bank B.S.C announced on 4th October 2023, that it has purchased 196,320 treasury shares on the Bahrain Bourse. This purchase has increased the total holding of treasury shares from 36,725,000 to 36,921,320, which represents 1.411% of the issued share capital. The information was communicated by Ali Yusuf Al Khaja, the Head of Compliance and MLRO.
Summary
The Board of Directors (BOD) meeting, where the purchase decision was taken, did 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% of the treasury shares. The purchase was made on 4th October 2023 with 196,320 shares bought at an average price of 0.179 fils. The shares purchased represent 1.411% of the issued capital. Approximately 224,750,000 shares remain for purchase. The company's chairman or his delegate is Ali Yusuf Al Khaja. The company is Al Salam Bank B.S.C. This information was disclosed after the share buyback announcement.
