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 2017 (2016: 4,452 thousand shares).

  2017 2016
Number of shares ’000   AED’000 Number of Shares ’000 AED’000
Share held by Finance House PJSC 7,212   13,842 2,264 5,027
Share held by Insurance House PJSC 2,188   7,560 2,188 7,560

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. Gain and loss on sales or redemption of own shares are credited or charged to reserves. During 2017, a total of 4,948 thousand (2016: 1,662 thousand) shares were purchased back from the market at an average price of AED 1.78 (2016: AED 1.79) per share amounting to AED 8,791 thousand (2016: AED 2,837 thousand).