|26 February, 2020

Al Salam Bank buys 310,000 new treasury shares on Dubai, Bahrain stock markets

Additional shares bring Islamic lender's total treasury share holdings to 77.3 million

Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. Image for illustrative purposes.

Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. Image for illustrative purposes.

REUTERS/Hamad I Mohammed

Bahrain’s Al Salam Bank has just purchased 310,000 new treasury shares on the Dubai Financial Market (DFM) and Bahrain Bourse (BHB).

The additional shares, acquired on February 25, bring the bank’s total holding of treasury shares to 77.3 million from 76.98 million, and represent 3.488 percent of issued share capital.

The bank had earlier purchased a little over 400,000 treasury shares on both bourses on October 10, 2019.

Back in November 2019, the bank tied up with China’s MSA Capital to launch a $50 million venture capital fund which will bring new Chinese technologies and business models to the region.

The Islamic lender has assets worth approximately 1.9 billion Bahraini dinars as of September 20. Its portfolio includes retail, corporate and private banking.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.Maceda@refinitiv.com

#BANKING #EQUITIES #DUBAI #BAHRAIN #STOCKS #MARKETS #GCC

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© ZAWYA 2020

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