Bupa Arabia plans 860,000 share buyback for employees’ incentive program

Bupa Arabia for Cooperative Insurance Co. board of directors recommended, on June 9, the repurchase of up to 860,000 of its shares to allocate to the employees’ stock long-term incentive program.

The company said in a statement on Tadawul that the shares to be purchased are ordinary shares and will not have voting rights at shareholders’ meetings.

The repurchase will be from Bupa Arabia’s own resources.

Bupa holds 0.01% of treasury shares out of the total class of buy-back shares.

The board’s recommendation will be presented to the extraordinary general assembly in its next meeting, which will be announced later according to the requirements of the 4th paragraph of Article 17 of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies and after satisfying all solvency requirements by the company as mentioned in the 3rd paragraph of Article 17 of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies.