Riyadh-Mubasher: Saudi Arabia’s United Electronics Co. (eXtra) said its board proposed withholding dividends for the fourth quarter of 2015, according to the company’s filing to the Saudi bourse.
The dividend freeze aims to finance the company’s strategic expansion plans.
The board had earlier recommended freezing dividends for the third quarter of 2015 for the same purpose.
The Tadawul-listed company operates with SAR 360 million in capital, divided into 36 million shares at a par value of SAR 10 each.
FY15 earnings reached SAR 49 million, a fall of 59% compared with SAR 121 million a year earlier.
The stock closed Sunday 0.99% higher at SAR 24.50.
