Logo ofUnited Electronics Co. (eXtra)
United Electronics Co.’s (eXtra) shareholders approved on Nov. 4 the purchase of up to 2.49 million shares to be held as treasury shares, according to a statement to Tadawul. 
The company said the board believes that the market price of its shares is below their fair value, adding that the purchase will be financed through the company’s internal resources.
Shareholders also authorized the board of directors to complete the purchase in one or several stages within a maximum period of 18 months from the date of the EGM resolution.
The company will retain the purchased shares for a maximum period of eight years from the date of the EGM approval. After the period expires, the company will follow the procedures and controls stipulated under the relevant laws and regulations.
According to data available on Argaam, the shares to be purchased represent around 3.12% of the company’s total 80 million shares.
The stock closed on Nov. 4 at SAR 59.55.
Logo ofUnited Electronics Co. (eXtra)
United Electronics Co.’s (eXtra) shareholders approved on Nov. 4 the purchase of up to 2.49 million shares to be held as treasury shares, according to a statement to Tadawul.
The company said the board believes that the market price of its shares is below their fair value, adding that the purchase will be financed through the company’s internal resources.
Shareholders also authorized the board of directors to complete the purchase in one or several stages within a maximum period of 18 months from the date of the EGM resolution.
The company will retain the purchased shares for a maximum period of eight years from the date of the EGM approval. After the period expires, the company will follow the procedures and controls stipulated under the relevant laws and regulations.
According to data available on Argaam, the shares to be purchased represent around 3.12% of the company’s total 80 million shares.
The stock closed on Nov. 4 at SAR 59.55.
