20 Treasury Shares

Treasury Shares

Treasury shares represent the cost of 9,400 thousand shares of the Company held by the Company and a subsidiary as at 31 December 2018 (2017: 9,400 thousand shares).


 

2018

 

2017

  Number of

shares ’000

  AED’000   Number of

shares ’000

  AED’000
               
Share held by Finance House PJSC 7,212   13,842   7,212   13,842
Share held by Insurance House PJSC 2,188   7,560   2,188   7,560
 
9,400
 
21,402
 
9,400
 
21,402


During 2014, the Company has obtained the necessary regulatory approvals to undertake a share-buy program whereby the Company buys and sells its own shares in the normal course of its equity trading and marketing activities. These shares are treated as a deduction from shareholders’ equity. Any gain or loss on sales or redemption of own shares are credited or charged to reserves. During 2018, a total of Nil shares (2017: 4,948 thousand) were purchased back from the market at an average price of AED Nil (2017: AED 1.78) per share amounting to AED Nil (2017: AED 8,791 thousand).