Twareat proposes 250,000-share buyback for employee stock program

Twareat to fund the buyback through own resources

Nomu-listed Twareat Medical Care Co.’s board of directors recommended on Nov. 17 the repurchase of up to 250,000 of company’s shares to hold as treasury shares and allocate under the employee share program.

According to a statement on Tadawul, the buyback will be funded through the company’s own resources. Twareat currently holds treasury shares representing 0.625% of its total issued shares.

The buyback requires shareholders’ approval as well as meeting the solvency requirements.

Twareat confirmed that the repurchased shares will not carry voting rights at shareholder meetings.