CMCER plans 500,000 share buyback

Logo of Canadian Medical Center Co.

Canadian Medical Center Co.’s (CMCER) board of directors recommended to repurchase a maximum of 500,000 ordinary shares and retain them as treasury shares allocated for the long-term employee incentive program.

The recommendation is subject to shareholders’ approval for adding a new article to the company’s bylaws pertaining to share repurchase, the company said in a statement to Tadawul.

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The share repurchase will support the company’s strategic objectives with the aim of motivating employees and attracting top talents.

The buyback will be financed through the company’s internal resources and the repurchased shares will have no voting rights in the general meetings.

The company currently has no treasury shares, the statement added.

The shares slotted for repurchase represent nearly 0.65% of the company’s share capital of 77 million shares (par value of SAR 1 per share), Argaam data showed.