Extra Saudi Arabia distributes exceptional dividends worth 400 million riyals!

The Board of Directors of United Electronics Company (Extra Saudi Arabia) announced a decision to distribute exceptional cash dividends to its shareholders amounting to 400 million Saudi Riyals, equivalent to 106.5 million US dollars, for the fourth quarter of this year. This was stated in a disclosure published on the Saudi stock market (Tadawul) website today, Thursday.

The company clarified that the profits will be distributed over 80 million shares, at a rate of 5 riyals per share, which represents 50% of the nominal value of the share. It confirmed that these distributions come as a result of the returns achieved after the completion of the initial public offering of its subsidiary, "United International Holding Company," and the listing of its shares on the main Saudi stock market. It also clarified that the eligibility for dividends will be for shareholders who own shares on Monday, December 23, 2024.

In another context, Extra Saudi Arabia announced its intention to buy 3 million of its ordinary shares for the purpose of holding them as treasury shares. The decision was based on the board's assessment, which indicated that the current market price of the share is less than its fair value.

The company confirmed that the stock purchase will be financed from its own resources, in addition to the returns generated from the initial public offering of its subsidiary. It reported that the current proportion of treasury shares represents 4.4% of the total issued shares.

In the stock market, the share of Extra Saudi Arabia (TADAWUL: 4003) witnessed an increase of 3.15%, or 3.00 riyals per share, currently trading near 98.10 riyals during trading on the Saudi stock exchange.

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