Share price rises after the UAE insurer claims to have bought back 350,000 of its stock.
UAE's Islamic Arab Insurance Company (Salama) has started a share buy back plan on Wednesday, the company chairman said in remarks published on Thursday.
Sheikh Khaled bin Zayed bin Saqr al-Nahayan told al-Khaleej newspaper the firm bought 350,000 shares at 2.81-2.83 dirhams ($0.765-0.771) a share.
In February, Salama said on Thursday it planned to buy back 10% of its stock. The stock had lost a fifth of its value since the beginning of the year trading at around 2.4 dirhams.
The stock, which hit a 12-month low of 2.25 dirhams on Feb. 7, 2007, traded at 3.08 dirhams at 0617 GMT.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.