Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved United Electronics Company’s (eXtra) request to increase its capital from SAR 500 million to SAR 600 million.

The capital hike will be through the issuance of one bonus share for every five existing shares, financed by transferring an amount of SAR 40 million from the statutory reserve account and SAR 60 million from the retained earnings account to the capital, according to a statement to the Saudi Stock Exchange (Tadawul).

Consequently, the number of outstanding shares will increase from 50 million shares to 60 million.