(MENAFN - Arab News) Following a meeting of its board of directors, United Electronics Company (eXtra) announced that it plans to increase its share capital by 25 percent through bonus shares in order to support future expansion. Subject to regulatory approval, the company will increase its capital by six million shares, increasing the company's current capital from SR 240 million to SR 300 million.
Abdullah Al-Fozan, chairman of the board, United Electronics Company (eXtra), said: "We have a clear strategy in place to expand the business both in our home country of Saudi Arabia and across the wider Middle East. We will imminently open our first stores in Bahrain and Oman, and we have ambitious plans in place to expand further in the future. This share issue is fully in line with our strategy to support these ambitious goals."
The board of United Electronics Company also announced that it has recommended the distribution of a cash dividend of SR 2.5 per share, equivalent to 25 percent of the current company's share capital.
Al-Fozan added: "We are delighted to share our ongoing success with our investors. eXtra has enjoyed a tremendous year in 2012 and we look forward with huge optimism towards 2013."
EXtra was recently named as one of the Top 200 Companies in the GCC by Forbes Middle East, and also ranked as one of the Top 5 Services companies in Saudi Arabia. In both 2010 and 2011, eXtra was cited by the Saudi Arabian General Investment Authority (SAGIA) as one of the Kingdom's fastest-growing companies. In addition, eXtra was also recently named as one of the Arabia 500 top companies in recognition of its exceptional growth and sustained commercial success.