Bupa Arabia spends SAR 17.74 mln on employee incentive program

Bupa Arabia for Cooperative Insurance announced that it has completed the first phase purchase of its own shares, a part of its employee incentive program. 

The company said in a statement on Tadawul that it had bought a total of 169,460 shares worth SAR 17.74 million, with an average share price of SAR 104.71 per share.

The purchased stocks will be used as part of the incentive program for the financial year 2019-2021, which began Jan.1, 2019, and will end on Feb. 28, 2022, as per the rules of the Company Long-Term Incentive Plan (LTIP).

The company currently holds 525,621 shares for its employee incentive scheme, the statement said.

These share purchases are not expected to have any material financial impact on Bupa Arabia's financial results.