Riyadh – Mubasher: United Electronics (eXtra) said its extraordinary general meeting (EGM), held Sunday, has approved a capital increase of 16.66% by way of bonus shares at a 1-for-6 ratio.

The capital top-up will boost capital to SAR 420 million from its current SAR 360 million, through the company’s retained earnings and reserves from 2016, eXtra said in a bourse filing on Monday.

The increase will help bolster eXtra’s financial position, the electronics company said, noting that shareholders registered in the Capital Market Authority’s (CMA) books by the end of the second trading day following the EGM date will be entitled to the bonus distribution.

The EGM also approved the decision to delegate the company’s board to distribute dividends for 2017.

eXtra last reported plunging profits by 95.73% to SAR 2.1 million for the full-year 2016, from SAR 49.2 million in 2015.

United Electronics’ stock ended Sunday down 1.19% to SAR 37.27.