Bupa Arabia shareholders approve SAR 14.3 mln share repurchase for LTIP

Logo of Bupa Arabia for Cooperative Insurance Co.

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

The share repurchase will be financed from the company’s cash balance, the statement added.

Shareholders also authorized the board of directors to complete the share purchase within 12 months of the EGM date.

The company will retain the repurchased shares for 10 years maximum from the EGM approval date, until allocated for the entitled employees.

Following the expiry of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.

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.