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Thu 17 May 2007 12:59 PM

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Salama starts share buyback

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.

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