Riyadh - Mubasher: The board of United Electronics Company (eXtra) has invited shareholders to general assembly meeting scheduled for 4 November 2026.
The primary agenda item is the proposal to repurchase up to 2.49 million of the company's shares.
The board intends to hold these as treasury shares, citing that the current market price is below their fair value. The buyback will be funded through the company's internal resources.
Based on an estimated share price of SAR 78, the total cost of the acquisition is projected at SAR 194.53 million.
If approved, the board will be authorized to execute the purchase in one or several stages within a maximum period of 18 months from the EGM date. The company plans to retain these shares for a maximum of eight years.
The meeting, to be held virtually from Al Khobar, requires a legal quorum of 50% of voting shares. If not met, a second meeting will be held one hour later with a 25% quorum requirement.
Financial data as of 30 June 2026 shows the company holds total assets of SAR 6.32 billion and retained earnings of SAR 1.09 billion.
