eXtra shareholders OK 3M share buyback

One of eXtra's branches

United Electronics Co.’s (eXtra) shareholders approved the buyback of a maximum of 3 million shares, to be retained as treasury shares.

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This came during the extraordinary general meeting (EGM) held on May 26, according to a statement to Tadawul.

The board of directors believes that eXtra shares trade below their fair value. The share repurchase will be financed through the company's internal resources as well as the proceeds from the initial public offering (IPO) of its subsidiary (United International Holding Co.). The board will be authorized to complete the share repurchase in one or multiple phases within a maximum period of 18 months from the date of the general meeting resolution. The company shall retain the purchased shares for a period not exceeding eight years from the date of the shareholders’ approval. After this period, the company shall follow the procedures and regulations stipulated in the applicable laws and regulations.

Additionally, shareholders authorized the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2025.