Riyadh – Mubasher: United Electronics Co's (eXtra) board recommended increasing its capital through bonus shares of 1:6, representing 16.6% of capital.
The capital raise should support the firm's financial position. The increase value will be financed through capitalising SAR 60 million from retaining profits and regulatory reserves, according to a bourse filing.
Registered shareholders by the end of trades on the date of the extraordinary general meeting (EGM) will be eligible for the bonus shares.
The EGM date will be announced later.
The capital will rise to SAR 420 million from SAR 360 million so that the number of shares will increase to 42 million from 36 million shares.
Any fractions will be collected in one portfolio for all the shareholders, sold by the market price, and distributed among the shareholders on the eligibility date in no more than 30 days of determining the eligible shares, the statement said.
