Bupa Arabia shareholders to vote on SAR 14.3 mln share buyback for LTIP on Nov. 4

Logo of Bupa Arabia for Cooperative Insurance Co.

Bupa Arabia for Cooperative Insurance Co. shareholders will vote on repurchasing a maximum of 220,000 shares at a total amount of SAR 14.28 million as part of the employees’ long-term incentive plan (LTIP), during the extraordinary general meeting (EGM) slated for Nov. 4, according to a bourse filing.

The share repurchase will be financed through its own funds, the company said in a bourse filing today, Oct. 14

Shareholders will also authorize the board of directors to complete the purchase of the shares within 12 months from the EGM date.

The purchased shares will be kept no longer than 10 years from the date of the EGM approval until allocated for the entitled employees.

The program is a continuation of the current plan with the conditions of repurchase previously determined by the board of directors. The approval of the EGM was obtained on May 8, 2017.

Shareholders can vote on the agenda item as of Oct. 31 through Tadawulaty services.