eXtra completes buyback of 81,784 shares at SAR 8 mln

A showroom of United Electronics Co. (eXtra)

United Electronics Co. (eXtra) completed the buyback of the intended number of its shares to keep as treasury shares and add them to the Employees Long-Term Incentive Program (LTIP), the firm said in a statement to Tadawul today, March 16, 2021.

A total of 81,784 shares, with an approximate value of SAR 8 million (SAR 97.67 per share) were bought back in one tranche, and no additional shares will be purchased during the specified purchase period, it added.

The company’s shareholders approved on May 5, 2020, buyback of 100,000 shares to retain them as treasury shares under the LTIP, financed from the cash dividends of the treasury shares in the LTIP, Argaam reported.

In addition, the board of directors was authorized to complete the repurchase process in a period of 12 months maximum from the general assembly date.