eXtra shareholders approve capital hike to SAR 800 mln via bonus issue

Logo of United Electronics Co.

United Electronics Co.’s (eXtra) shareholders approved a capital increase by SAR 200 million, or 33.33%, from SAR 600 million to SAR 800 million, during the extraordinary general meeting (EGM) held on Oct. 5, according to a bourse filing.

The increase will be financed through capitalizing SAR 140 million from the retained earnings and SAR 60 million from the statutory reserve of the company, the statement noted.

Capital Increase Details
Current Capital	SAR 600 mln
Number of Shares	60 mln
Capital Increase (%)	33.33%
New Capital	SAR 800 mln
Number of Shares	80 mln
Method	Distribution of 16.8 million bonus shares at 0.28 share for every one existing share, equivalent to seven shares to 25 existing shares. The allocation of 3.2 million shares for the employee long-term incentive plan.
Reason	Boost financial position
Record Date	Oct. 5, 2022 (Shareholders registered with the Securities Depository Center (Edaa) on the second trading day after the EGM date)

In a separate filing, the Saudi Exchange (Tadawul) announced that the fluctuation limits for eXtra will be based on a share price of SAR 84.60 today, Oct. 6, and the outstanding orders will be canceled.

Additionally, Edaa will deposit the shares into investor portfolios before the start of trading on Oct. 10.

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