Care completes 160,000 share buyback for ESIP

Logo of National Medical Care Co. (Care)

National Medical Care Co. (Care) completed the targeted share buyback process allocated for its employee stock incentive program (ESIP), based on the approval of the extraordinary general meeting (EGM) held in May.

In a statement to Tadawul, the company said it repurchased 160,000 shares (representing 0.36% of the company's shares) at an average price of SAR 213.21 per share, totaling SAR 34.11 million.

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The buyback period spans 12 months from the date of the EGM decision.

This buyback will not have any impact on the financial statements, Care said

Furthermore, the shares allocated for the ESIP will not be eligible for dividends during the company's retention period, and will not have voting rights in general assemblies.

The company emphasized that this initiative is part of its efforts to attract, retain, and motivate talent to enhance performance, thereby contributing to the achievement of its strategic goals

According to available data on Argaam, Care’s shareholders approved the ESIP in May 2024 and authorized the board of directors to determine the program's conditions, including the allocation price per share offered to employees if applicable.