Twareat shareholders approve buyback of 250,000 shares

Twareat Medical Care Co.’s shareholders approved the repurchase of up to 250,000 shares to allocate for the employee share program. The approval was made at an extraordinary general meeting (EGM) on Jan. 15.

According to a Tadawul statement, the buyback will be financed through the company’s internal resources. The board of directors was authorized to complete the repurchase within 12 months from the EGM approval date and to determine the program terms, including the allocation price per share offered to employees, if applicable.

Repurchased shares will be held for a maximum of five years from the EGM approval date until allocation to eligible employees. After this period, the company will follow procedures stipulated in applicable laws and regulations.

The EGM also ratified the establishment of the employee share program and authorized the board to manage the program, set its terms, and make future amendments, including setting the allocation price per share.

Remaining agenda items included transactions and contracts between Twareat and Urgent Care Pharmacy (UCP), in which Vice Chairman Tariq Al Hamdan has a direct interest.

The company said the contracts cover the sale and purchase of medicines, medical supplies, equipment, and mobile clinics on standard terms, with an expected annual value of SAR 1 million. No such transactions were recorded in the previous year.