The Capital Market Authority approves the capital increase request for the United Electronics Company through the issuance of bonus shares
Tuesday, March 17, 2020 at 3:49 PM
Tue Mar 17, 2020 15:49
The CMA has issued its resolution approving the United Electronics Company's request to increase its capital from SAR (500,000,000) to SAR (600,000,000) through issuing (1) bonus share for every (5) existing shares owned by the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the due date which will be determined later by the Company's board, such increase will be paid by transferring an amount of SAR (40,000,000) from the “Statutory Reserve” account and SAR (60,000,000) from “Retained Earnings” account to the Company's capital. Consequently, increasing the Company's outstanding shares from (50,000,000) shares to (60,000,000) shares, by an increase of (10,000,000) shares. The extraordinary general assembly shall be held within six months from this approval date and the Company shall satisfy all regulatory requirements and applicable laws.