The board of United Electronics Company (eXtra) has proposed raising the company’s capital by a 16.66 percent to SAR 420 million from SAR 360 million by issuing one bonus share for every six shares held
The home electronics retailer will use SAR 60 million from its retained earnings and general reserves to fund the capital hike, it said in a statement.
While the capital hike aims to boost the company’s financial position, it is still pending regulatory approvals, eXtra added.
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Capital Hike Details |
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Current capital |
SAR 360 mln |
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Number of shares |
36 mln |
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Percentage |
16.66 percent (1-for-6 bonus shares) |
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Capital after increase |
SAR 420 mln |
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Shares after increase |
42 mln |
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Aim |
To support financial position |
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