Riyadh – Mubasher: United Electronics Company's (eXtra) extraordinary general meeting (EGM) has approved raising capital by 19.05% via bonus shares to SAR 500 million, from SAR 420 million.

eXtra’s shares will reach 50 million, up from 42 million shares, according to a statement on Wednesday to the Saudi Stock Exchange (Tadawul).

The firm stated that the capital hike aims to support its fiscal position.

In its Tuesday meeting, the computers and electronics provider also approved amending some of its articles of association.

In July, the Saudi Capital Market Authority (CMA) approved eXtra’s request to increase capital to SAR 500 million, from SAR 420 million via a bonus share issue.

eXtra last reported a 5.07% growth in net profits, reaching SAR 45.6 million in the second quarter of 2018, compared to SAR 43.4 million during Q2-17, while profits went up 19.15% to SAR 67.2 million during H1-18, from SAR 56.4 million in the year-ago period.

By 10:15 am Saudi time, eXtra’s stock jumped 6.97%, reaching SAR 51.10.