Allianz SF shareholders to vote on 866,000 share buyback on Sept. 11

Logo of Allianz Saudi Fransi Cooperative Insurance Co.

Shareholders of Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) will vote on the purchase of 866,000 ordinary shares for a maximum value of SAR 10 million for the employee long-term incentive plan in an extraordinary general assembly meeting to be held on Sept. 11.

The company’s shareholders will also vote on authorizing the board of directors to complete the purchase within a maximum period of 12 months from the date of the EGM’s decision, according to a statement to Tadawul.

The repurchase will be financed from the company’s available cash, Allianz SF said.

These shares will be retained by the company as treasury shares for a period not exceeding ten years until they are allocated to eligible employees.

After the expiration of this period, Allianz SF will follow the procedures and controls stipulated in the relevant laws and regulations.

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

The company's board of directors approved, on Aug. 9, the buyback of 866,000 ordinary shares at a maximum value of SAR 10 million for the employee long-term incentive plan, according to Argaam's data.