eXtra board proposes capital hike via bonus shares

21/02/2017 Argaam

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.

 

Capital Hike Details

Current capital

SAR 360 mln

Number of shares

36 mln

Percentage

16.66 percent (1-for-6 bonus shares)

Capital after increase

SAR 420 mln

Shares after increase

42 mln

Aim

To support financial position

 

 

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