CMCER shareholders to vote on 500,000 treasury shares buyback on June 15

Logo of Canadian Medical Center Co. (CMCER) 

Canadian Medical Center Co.’s (CMCER) shareholders will vote on a proposal to repurchase a maximum of 500,000 of its treasury shares during the extraordinary general meeting (EGM) scheduled for June 15, according to a statement to Tadawul.

For more news on listed companies

The shares will be allocated under the employees’ stock incentive program.

The repurchase will be funded through internal resources. The board will be authorized to execute the buyback within 18 months from the date of the EGM’s approval.

Repurchased shares will be held for up to 10 years from the EGM approval date, or until they are granted to eligible employees under the program.

If the holding period expires, the company will follow relevant regulations and procedures, as outlined in the solvency report.

This is conditional upon approval of item 21 related to the employee stock program, and item 19 regarding the company’s authority to buy, sell, or pledge its shares.

The agenda also includes a vote on authorizing the board to distribute interim dividends semi-annually or quarterly for 2025.