Logo of Allianz Saudi Fransi Cooperative Insurance Co.
Allianz Saudi Fransi Cooperative Insurance Co.’s (Allianz SF) shareholders approved, during the extraordinary general meeting (EGM) held on Sept. 11, the employee long-term incentive plan’s (LTIP) entry into force and authorized the board to set the program terms, including the allocation price for each share offered to employees (if it is for consideration).
Accordingly, shareholders ratified the buyback of 866,000 ordinary shares to be allocated for the LTIP, according to a statement to Tadawul today, Sept. 12.
They also agreed to authorize the board to complete the purchase transaction 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.
The move will be financed through the company’s available cash, the statement added.
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