Tibbiyah repurchases 210,000 shares under employee incentive plan for SAR 8.1 mln

Logo of Arabian International Healthcare Holding Co. (Tibbiyah) 

Arabian International Healthcare Holding Co. (Tibbiyah) completed the repurchase of 210,000 shares on Nov. 8, for the employees’ Long-Term Incentive Program (LTIP).

In a statement to Tadawul, Tibbiyah said it completed the entire repurchase of the required shares, and no additional shares will be bought during the specified period. 

The buyback was made at a value of SAR 8.1 million at an average price of SAR 38.47 per share.

In June, shareholders approved Tibbiyah’s LTIP, following the board’s approval on April 21. The board was also delegated to set out the terms of such program, including the allocation price for each share offered to employees, if it is not free, Argaam reported.

Shareholders also approved the buyback of 210,000 shares maximum, under the LTIP. The buyback process will be financed by the company’s internal resources and the board will be authorized to finalize the repurchase process within 12 months maximum from the general assembly’s decision date.