The Islamic Arab Insurance Company (SALAMA), listed on the Dubai Financial Market, announced a net profit of 3.45 million dirhams, equivalent to about $ 10.7 million; Resulting from selling a portion of the shares it owns in the Saudi Salama Cooperative Insurance Company.
According to a company statement today, Tuesday, Emirati Salama yesterday sold about 4.5 million shares out of 7.5 million shares owned by the group in the Saudi company’s capital.
The shares sold safety at a price of 13.9 dirhams per share, as it was sold during the period from 20 to 27 August.
and indicated that this exit will result in a cash flow of 64.6 million dirhams, explaining that it will have a positive impact on its financial results for the third quarter of this year.
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the company stated that the sale comes within the framework of its new strategy, as it focuses on operations within the UAE market, supporting cash distributions to shareholders, and looking at investment opportunities within the country, specifically in the sector. Insurance.
(Amazon Fun Knowledge)
