|13 October, 2019

Dubai's Salama nods to foreign investors ownership limit increase

The board also agreed to extinguish accumulated losses by cutting the company’s paid-up capital

General view of Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

General view of Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

REUTERS/Christopher Pike

Dubai –  Islamic Arab Insurance Company (Salama) announced that its board of directors has approved to increase the permitted limit of foreign investors ownership from 25% to 100% to the GCC nationals and 49% for foreigners.

The board also agreed to extinguish accumulated losses by cutting the company’s paid-up capital, Salama said in a statement to the Dubai Financial Market (DFM) on Sunday.

Moreover, the board endorsed the cancelling of the treasury shares amounting to nearly 21.667 million shares, the company added.

The board also approved to cancel the cap on the number of decisions it may make by circulation during the year, as well as decided to amend the Articles of Association accordingly, the company indicated.

This came on the sidelines of the board meeting held last Thursday, 10 October 2019.

Source: Mubasher

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