Riyadh – The Saudi Capital Market Authority (CMA) has approved United Electronics Company's (eXtra) request to raise capital to SAR 500 million, from SAR 420 million, through the issuance of bonus shares.
The capital hike will be implemented by distributing a 1-for-7 basis bonus shares, according to the CMA's statement.
The Saudi firm noted that the capital raise would be paid by transferring SAR 60 million from the retained earnings account and SAR 20 million from the statutory reserve.
On Tuesday, eXtra stated that its net profits levelled up 5.07% to SAR 45.6 million in the second quarter of 2018, from SAR 43.4 million during Q2-17, while profits jumped 19.15%, reaching SAR 67.2 million in H1-18, from SAR 56.4 million in H1-17.
The company's stock inched up 0.34% to end Wednesday at SAR 58.60.