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.
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Capital Raise Details |
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SAR 300 mln |
Current capital |
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30 mln shares |
Number of shares |
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20% ( one share for every five shares) |
Capital raise percentage |
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SAR 360 mln |
New capital |
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36 mln shares |
Number of Shares after raise |
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Extraordinary General Assembly day |
Record date |
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Expand company’s investments |
Purpose of the raise |
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Nine Months Dividend - 2014 |
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SAR 90 mln |
Total dividend |
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30% ( SAR 3/share) |
Percent of capital |
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