Salama earns $10.62mln profits from selling shares in Saudi company
The financial impact will be registered in Salama's financial results in Q3-20
By Staff Writer, Mubasher
Dubai – Islamic Arab Insurance Company (Salama) has generated AED 39.45 million net profit from the sale of some of its shares in Salama Cooperative Insurance Company, a Saudi joint-stock company.
The financial impact will be registered in Salama's financial results for the third quarter (Q3) of 2020, according to the company's disclosure to the Dubai Financial Market (DFM) on Tuesday.
It is noteworthy to mention that on Monday, 31 August, the company has sold 4.5 million shares out of its 7.5 million shares in the Saudi company at a price of AED 13.9 (SAR 14.19) per share; hence, the sale will result in a cash inflow of SAR 66 million.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.