Allianz SF finalizes 866,000 share buyback for employee incentive plan

Logo of Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF)

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) completed the repurchase of 866,000 ordinary shares allocated for the employee long-term incentive plan (LTIP), according to a statement to Tadawul today, Sept. 18.

The company's shareholders approved, during the extraordinary general meeting (EGM) held on Sept. 11, 2023, the buyback, financed through the company’s available cash, data available to Argaam showed.

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They had also agreed to authorize the board to complete the repurchase within no more than 12 months from the EGM resolution date. Such shares shall be held for a period not exceeding 10 years from the EGM date.