BUPA ARABIA FOR COOPERATIVE INSURANCE ANNOUNCES THE COMPLETION OF THE SECOND AND FINAL PHASE OF THE PURCHASE OF ITS OWN SHARES FOR ITS EMPLOYEE INCENTIVE SCHEME FOR THE CURRENT YEAR CYCLE
Further to the Tadawul announcement, of 20/06/2018G, Bupa Arabia for Cooperative Insurance announces that, in line with the approval of the General Assembly Meeting held on 31/05/2018G, which results announced on 03/06/2018G, it has, on 04/09/2018G, completed the second and final phase purchase of its own shares for the current year cycle of its employee incentive scheme as follows:
1- Total cash amount used for this second phase of the current year incentive shares purchase: SAR 7,364.19 thousands
2- Average purchase price per share: SAR 97.00 per share
3- Number of shares purchased: 75,916 shares
These current year 75,916 phase two new employee incentive shares are part of the required employee incentive scheme shares purchases for the financials for the three year financial performance cycle of 2018-2020, which started 1 January 2018 and ends 28 February 2021. The vesting period of these shares is after three years from the start of the performance cycle, as per the rules of the Company Long-Term Incentive Plan (LTIP) which previously approved by the Extraordinary General Assembly meeting of 08/05/2017G.
As a result of these above, phase two , new shares purchases, for the current year of its employee incentive scheme, Bupa Arabia currently holds 305,623 shares for its employee incentive scheme.
These shares purchases are not expected to have any material financial impact on Bupa Arabia's financial results