Tawuniya board OKs repurchase of 147,400 shares for employee incentive plan

The Company for Cooperative Insurance's (Tawuniya) board of directors approved the repurchase of a maximum of 147,435 of the company’s shares, to be allocated for the employee long-term stock incentive plan, according to a statement to Tadawul today, May 12.

The buyback will cover ordinary shares, said the company, adding that they will not have voting rights at general assemblies. Tawuniya also noted that the move will be self-financed.

The insurer also indicated that it does not currently have treasury shares out of the total class of shares purchased.

The decision will be voted on during the company's extraordinary general assembly, which will be announced later according to the requirements of Article 17/4 of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, and after satisfying solvency requirements by Tawuniya as mentioned in Article 17/3 of the Implementing Regulation.