Tawuniya plans to buy back 212,140 shares for ESIP

Tawuniya said the share buyback will be funded by its internal resources

The Company for Cooperative Insurance (Tawuniya) said its board of directors approved, on April 8, the purchase of up to 212,140 treasury shares, to be allocated to its employee stock incentive plan (ESIP).

 
In a statement to Tadawul, the insurer said the buyback will be funded by the company’s internal resources. It currently holds 0.3% treasury shares out of the total class of shares purchased.
 
The repurchase of shares is subject to approval at the upcoming extraordinary general meeting, in accordance with the Companies Law and the fulfillment of the solvency conditions set out in the regulations.
 
The treasury shares will not carry voting rights, the statement said.
 
According to Argaam data, the shares intended for repurchase represent 0.14% of the company’s total of 150 million shares.