BUPA ARABIA FOR COOPERATIVE INSURANCE ANNOUNCES THE COMPLETION OF THE FIRST PHASE OF THE PURCHASE OF ITS OWN SHARES FOR ITS EMPLOYEE INCENTIVE SCHEME FOR THE CURRENT YEAR CYCLE
| Element List | Explanation |
|---|---|
| Announcement Detail | Bupa Arabia for Cooperative Insurance announces that, in line with the approval of the General Assembly Meeting held on 30/06/2019G, which results announced on 01/07/2019G, it has, on 03/09/2019G, completed the first 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 phase of the current year incentive shares purchase: SAR17,743.54 thousands. 2- Average purchase price per share: SAR104.71 per share. 3- Number of shares purchased: 169,460 shares.
These current year 169,460 first phase 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 2019-2021, which started 1 January 2019 and ends 28 February 2022. 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 30/06/2019G.
As a result of these above, first phase, new shares purchases, for the current year of its employee incentive scheme, Bupa Arabia currently holds 525,621 shares for its employee incentive scheme.
These shares purchases are not expected to have any material financial impact on Bupa Arabia's financial results |
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