Saudi market regulator, the Capital Market Authority (CMA) has approved United Electronics Co.’s (eXtra) request to increase capital to SAR 500 million from SAR 420 million through the issue of one bonus share for every seven shares held, the company said in a bourse filing.

 

The capital hike will be financed by SAR 60 million from retained earnings and SAR 20 million from the statutory reserve. Accordingly, share capital will be raised from 42 million to 50 million.

 

Earlier in June, eXtra’s board of directors recommended a 19.05 percent capital hike to SAR 500 million from SAR 420 million.

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