Tawuniya completes buyback of treasury shares

Logo of The Company for Cooperative Insurance (Tawuniya) 

The Company for Cooperative Insurance (Tawuniya) completed the repurchase of a number of its own shares for the employees’ incentive program, based on the approval of the extraordinary general meeting (EGM) held on May 27.

The company repurchased 199,862 shares at a total value of SAR 28.77 million, according to a Tadawul statement. The average repurchase price per share was SAR 143.68.

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According to data available on Argaam, Tawuniya’s shareholders approved the repurchase of 199,860 shares maximum, to be allocated for the employees’ incentive program.

They also authorized the board of directors to complete the buyback process within 18 months from the EGM date.

The share buyback will be financed from the company’s cash. Tawuniya will retain the repurchased shares for a maximum of 10 years, after which it will comply with the relevant laws and regulations.