33 Treasury Shares

Treasury shares represent the cost of 17,659 thousand shares of the Company held by the Company and a subsidiary as at 31 December 2021 (2020: 9,400 thousand shares).

 

	2021				2020
	Number of shares ’000		AED’000		Number of shares ’000		AED’000
Share held by Finance House PJSC	17,659		29,823		7,212		13,842
Share held by Insurance House PJSC	–		–		2,188		7,560
	————————-		————————-		————————-		————————-
	17,659		29,823		9,400		21,402
	=============		=============		=============		=============

 

In the Annual general meeting dated 21 April 2021, shareholders have approved the write

off  of 7,212,191 shares after obtaining the necessary regulatory approvals.

During 2021, the Company has obtained new 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. Gain and loss on sales or redemption of own shares are credited or charged to reserves. During 2021, a total of 17,658,552 shares (2020: nil shares) were purchased back from the market at an average price of AED 1.689 (2020: AED nil) per share amounting to AED 29,823,376 (2020: AED nil).