eXtra's EGM agrees on capital increase

The number of shares will rise from 50mln to 60mln


Riyadh - The extraordinary general meeting (EGM) of United Electronics Company (eXtra) approved to raise the capital from SAR 500 million to SAR 600 million by issuing bonus shares of 20%.

The number of shares will rise from 50 million to 60 million to support the company's financial position, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.

The capital increase will be financed by capitalising SAR 100 million of the company's retained earnings and statutory reserves for 2019 through bonus share distribution of one share for every five existing shares.

Meanwhile, the meeting nodded to the board's decision regarding the distributed dividends of SAR 1.25 per share or 12.5% for the second half of 2018 and 22.5% for the first and second halves of 2019.

Source: Mubasher

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