United Electronics Company (eXtra), one of Saudi Arabia’s leading electronics retailers, recommended in its board meeting held on Sunday a 20 percent capital raise from SAR 300 million to SAR 360 million through the issuance of bonus shares.

The company also said it would refrain from issuing a cash dividend for fourth quarter 2014 in order to finance its “strategic” expansion plans, according to its statement to Tadawul, Saudi Arabia’s bourse.

The retailer, however, had issued a 30 percent dividend for the first nine months of 2014.

 

Capital Raise Details

SAR 300 mln

Current capital

30 mln shares

Number of shares

20% ( one share for every five shares)

Capital raise percentage

SAR 360 mln

New capital

36 mln shares

Number of Shares after raise

Extraordinary General Assembly day

Record date

Expand company’s investments

Purpose of the raise

Nine Months Dividend - 2014

SAR 90 mln

Total dividend

30% ( SAR 3/share)

Percent of capital
 

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