Bupa Arabia shareholders approve SAR 14.3 mln share buyback, interim dividends for 2020

Bupa Arabia for Cooperative Insurance Co.’s shareholders approved buying back 220,000 treasury shares, worth SAR 14.28 million, under the Employee Long Term Incentive Program (LTIP), during the extraordinary general meeting(EGM) held on June 30, 2020

The share repurchase will be financed using the company’s own resources, it said in a bourse statement on Wednesday.

In addition, shareholders authorized the board to buy back the shares within 12 months of the EGM approval date.

Furthermore, they approved the board of directors to distribute interim dividends on a semi-annual or quarterly basis for FY 2020.

They also approved audited financial statements, audit and board reports for FY2019, as well as appointing a new external auditor.

Meanwhile, the general assembly approved discharging board members from liabilities for FY 2019, and board remuneration of SAR 3.09 million for the last year.

Shareholders endorsed the appointment of Joey Lenton as non-executive member in the board of directors, as well as approved several business contracts signed in 2019.