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

  

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.

Source: Mubasher

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