The Capital Market Authority (CMA) has approved United Electronics Co.’s (eXtra) request to raise capital by 16.66 percent to SAR 420 million from SAR 360 million by issuing one bonus share for every six shares held.

 

The home electronics retailer will use SAR 5 million from its retained earnings and SAR 55 million from general reserves to fund the capital hike.

 

After the capital hike, the company’s shares will increase to 42 million from 36 million.

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