Allianz SF plans 866,000 share buyback for employee incentive plan

Logo of Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF)

Allianz Saudi Fransi Cooperative Insurance Co. board of directors approved the buyback of 866,000 ordinary shares at a maximum value of SAR 10 million for the employee long-term incentive plan (LTIP), according to a statement to Tadawul.

These shares will be retained as treasury shares, and the repurchase will be financed from the company’s available cash.

The repurchased shares will not have voting rights in the company’s general meetings, the statement added.

The buyback decision will be discussed by the company’s extraordinary general meeting (EGM), which will be announced later.