United Electronics Co.’s (eXtra) shareholders are set to vote on capital hike to SAR 600 million from SAR 500 million through the issue of bonus shares, during the extraordinary general meeting (EGM) scheduled for May 5, 2020.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 500 mln |
|
Number of shares |
50 mln |
|
Hike (%) |
20% (1 share for every 5 outstanding shares) |
|
New Capital |
SAR 600 mln |
|
New number of shares |
60 mln |
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Record date |
May 05, 2020 (The second day following the record date) |
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Driver |
To support the company’s financial position |
Shareholders will also vote on the buyback of 100,000 shares and retain them as treasury shares under the Employees Long Term Incentive Program (LTIP), financed from the cash dividends of the treasury shares in the LTIP.
In addition, they will vote on authorizing the board of directors to complete the repurchase process in a period of 12 months maximum from the general meeting date, and the company may retain its treasury shares without selling them or allocating them to its employees as Employees’ Shares Plan for a maximum period of 8 years.
Shareholders will also vote on delegating the board of directors to distribute interim dividends on a quarterly or semi-annual basis for 2020.
They will further vote on the board of directors’ recommendation to distribute a 12.5% cash dividend, or SAR 1.25 per share, for the second half of 2018, in addition to the distribution of 22.5% cash dividend, or SAR 2.25 per share, for 2019.
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