UAE's Salama shareholders approve increase in foreign ownership limit

Shareholders also approved a cash dividend of 3 fils per share

  
Investors look at electronic display boards on the trading floor at the Dubai International Financial Market March. Image for illustrative purposes.

Investors look at electronic display boards on the trading floor at the Dubai International Financial Market March. Image for illustrative purposes.

REUTERS/Mohammed Salem

Shareholders of Islamic Arab Insurance Company (Salama) approved an increase in the company’s foreign ownership limit to 49 percent, from 25 percent previously.

Shareholders of the DFM-listed company also approved the board of directors’ recommendation to distribute cash dividends of 3 fils per share for the year 2019. It is the first cash dividend since Salama’s IPO.

Salama posted a net profit attributable to shareholders of 54.7 million UAE dirhams ($14.9 million) in 2019, compared to 2 million UAE dirhams in 2018.

The company’s revenue also increased to 1.13 billion UAE dirhams last year, compared to 1.06 billion UAE dirhams in 2018.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#SALAMA #UAE  #ISLAMICFINANCE

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