33 Treasury Shares

Treasury shares represent the cost of 26,354 thousand shares of the Company held by the Company as at 31 December 2022 (2021: 17,659 thousand shares).

 

	2022		2021
	Number of		Number of
	shares ’000	AED’000	shares ’000	AED’000
Share held by Finance House PJSC	26,354	46,535	17,659	29,823
	————————-	————————-	————————-	————————-
	26,354	46,535	17,659	29,823
	=============	=============	=============	=============

 

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 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 2022, a total of 8,695,156 shares (2021: 17,658,552 shares) were purchased back from the market at an average price of AED 1.92 (2021: AED 1.69) per share amounting to AED 16,711,915 (2021: AED 29,823,376).