BUPA ARABIA FOR COOPERATIVE INSURANCE ANNOUNCES THE PURCHASE OF ITS OWN SHARES FOR ITS EMPLOYEE INCENTIVE SCHEME
Bupa Arabia for Cooperative Insurance announces that, in line with the approval of the General Assembly Meeting held on Thursday 31-05-2018G, which results announced on Sunday 03-06-2018G, it has, on Tuesday 12-06-2018G, partially completed the purchase of its own shares for its latest cycle of its employee incentive scheme as follows:
1- Total cash amount used for the incentive shares purchase: SAR 4,130.27 thousands
2- Average purchase price per share: SAR 89.98 per share
3- Number of shares purchased: 45,900 shares
These 45,900 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 starts 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 the above new shares purchases, for its employee incentive scheme, Bupa Arabia currently holds 229,707 shares for its employee incentive scheme.
These shares purchases are not expected to have any material financial impact on Bupa Arabia's financial results and the purchase of the remaining required employee incentive shares purchases, for this 2018-2020 cycle, will be completed after the 2018 second quarter prohibition period has ended, and the completion will be announced thereafter.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.