United Electronics Co.’s (eXtra) extraordinary general assembly has approved a 19.05 percent capital hike to SAR 500 million from SAR 420 million through the issue of one bonus share for every seven shares held, the company said in a statement on Tadawul.
Shareholders have also delegated to company’s board to set up employees long-term incentive program.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Wednesday for eXtra will be based on a share price of SAR 48.05.
The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Monday September 24, 2018.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 420 mln |
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Number of shares |
42 mln shares |
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Hike (%) |
19.05% |
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New Capital |
SAR 500 mln |
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Number of shares after increase |
50 mln shares |
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Bonus shares |
One bonus share for every seven shares held |
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Allocating 2 mln shares (4.76% of capital) for employees long-term incentive program |
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Record date |
General assembly meeting |
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Deriver |
Support the company’s financial position |
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