Al Salam Bank B.S.C: A Robust Investment Opportunity
Al Salam Bank B.S.C, a leading Islamic bank based in Bahrain, recently announced the acquisition of 53,680 treasury shares from the Bahrain Bourse. This move has increased the bank's total holding of treasury shares to 36,975,000, representing 1.413% of the issued share capital.
Summary
The bank's recent acquisition of treasury shares signals a strong financial position and a strategic move to increase shareholder value. Coupled with its robust growth strategy, digital-first approach, and commitment to customer satisfaction, Al Salam Bank presents a promising investment opportunity.
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Summary
On October 5, 2023, Al Salam Bank B.S.C announced that it has purchased 53,680 treasury shares from the Bahrain Bourse. This acquisition increased the bank's total holding of treasury shares from 36,921,320 to 36,975,000, which represents 1.413% of the 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 15 August 2023. The buyback program for treasury shares started on the same date and ended on 12 November 2023. The buyback program size was 10% of treasury shares. The purchase date was on 5 October 2023, with 53,680 shares purchased at an average price of 0.183 fils. The purchased shares constitute 1.413% of the issued capital, with approximately 224,710,000 shares remaining 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 is part of the post share buyback announcement.