Tawuniya plans 250,000 share buyback for employee incentive plan

Logo of The Company for Cooperative Insurance (Tawuniya)

The Company for Cooperative Insurance’s (Tawuniya) board of directors approved the buyback of 250,000 shares maximum 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 buyback decision will be discussed by the company’s extraordinary general meeting (EGM), which will be announced later.

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