UAE's Salama shareholders approve increase in foreign ownership limit
Tuesday, 05 05 2020, Category: Islamic Insurance, Country: U.A.E
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.