Dubai-listed Islamic Arab Insurance Company, also known as Salama, has sold 4.5 million of its shares in one week.

The shares were sold for 14.19 Saudi riyals per share from August 20 to 27, and will result in a cash inflow of 66 million Saudi riyals ($17 million), the company said in a statement to the Dubai Financial Market (DFM) on Monday.

It represents over half of its 7.5 million shares in the Salama Cooperative Insurance Company, a Saudi joint stock company.

“[The sale will have] a positive effect on the profit of the company in the third quarter of the year,” the firm said.

Salama, with total assets worth more than 4.4 million UAE dirhams as of June 2020, said it is looking to boost its cash dividends to shareholders and explore investment opportunities in the UAE insurance market.

The UAE-based Shariah-compliant takaful solutions provider had earlier announced this month a payment of surplus (cash returns) of 11.5 million dirhams to its credit life policyholders for 2019.

Its net profit for the first half of the year increased to 47.05 million dirhams from 33.36 million in the same period last year.

(Reporting by Cleofe Maceda; editing by Seban Scaria)

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