The share price peaked to SR 64.75 during trading with a heavy volume of 26.57 Million shares and a total value of about SR 1.5 Billion representing about 1/3 (one third) of the total value of trade in the Saudi stock market for the day. Salama was the top traded stock in the Saudi market in both volume and value. Salama Share price closed at SR 60 with a 500% gain over its nominal price.
Dr. Saleh Malaikah the Chairman of Salama expressed his appreciation for the results of the first day of Salama trading pointing that "The market has made a vote of confidence for Salama. Clearly, the market is expecting Salama to be one of the top insurance companies in the Saudi market."
Salama major owner is Salama UAE which is the largest capitalized insurance company in the Arab world with a total paid-up capital of AED 1,100 Million (equivalent to $300 M).
Salama UAE is the first Takaful (Islamic Insurance) company in the world when it was incorporated in 1979.
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The share price opened at SR 45 with a 350% increase over its nominal value.
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Posted by Lara Lynn Golden, News EditorTuesday, June 19 - 2007 at 13:41 UAE local time (GMT+4)
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This article was updated on Wed Jun 20 2007.
Notes and Media Contacts »
Amani Mahmoud
Executive Secretary
SALAMA -Islamic Arab Insurance Co.
Tel : +971 4 3355300,
Fax : +971 4 3356223
Direct : 04 -4072 209
P O Box : 10214, Dubai, UAE
Executive Secretary
SALAMA -Islamic Arab Insurance Co.
Tel : +971 4 3355300,
Fax : +971 4 3356223
Direct : 04 -4072 209
P O Box : 10214, Dubai, UAE
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