The “cooperative” board approves the purchase of shares for the employee incentive program

Yesterday, the Board of Directors of the Cooperative Insurance Company approved the purchase of a number of the company’s shares and a maximum of 199,862 thousand shares in order to allocate it to the long -term employee incentive program.
The company said in a statement on Saudi Arabia’s circulation: The method of financing the purchase process is from the company available.
She added that the percentage of the treasury shares for the company is currently in the total shares category of purchase 0.17 %.
She noted the vote on the decision by the extraordinary general assembly, which will be announced later, according to the requirements of the fourth paragraph of Article 17 of the executive regulations of the system of companies for the joint stock companies, and after the Cooperative Company meets the conditions of the financial solvency contained in the third paragraph of Article 17 of the executive regulations of the system of companies for the joint stock companies.
According to the company, the shares that will be purchased will not have the right to vote in the general assemblies of the company’s shareholders.