33 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 2020 (2019: 9,400 thousand shares).
2020 | 2019 | ||||||
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 2020, a total of Nil shares (2019: Nil) were purchased back from the market at an average price of AED Nil (2019: AED Nil) per share amounting to AED Nil (2019: AED Nil).