Extra: 25% Capital increase

02/04/2013 Argaam

 A 25% Capital increase of the united electronic company (from SR240m to SR 300m) was approved in the Extraordinary general assembly meeting that was held on Monday April, 2, 2013 to support the company's future expansions.

 

The Capital increase is to take place by issuing one bonus share to each four shares owned by registered shareholders as SAR 60m of retained earnings will be capitalized.

 

Necessary amendments to the company's bylaw have been also approved to reflect the new capital increase.

 

The Assembly Also amended the required quorum of a general assembly meeting to be at least 50% and if the meeting fails to meet this quorum a call for another meeting must be made. The decisions made on the following meeting will be valid regardless of the attendance rate.

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