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FINANCIAL NEWS
Saudi retailer eXtra to increase capital for GCC expansion
24 Dec 2012
(MENAFN) Saudi consumer electronics retailer United Electronics Company (eXtra) has unveiled plans to raise its capital to finance its expansion scheme in the GCC region, Arabian Business reported.
The company said in a statement that it plans to increase its share capital by 25 percent through bonus shares.
Pending regulatory approval, the company will increase its capital by six million shares, raising the company’s current capital from USD64 million to USD89 million.
The company plans to start expansion with Bahrain and Oman markets.
Founded in 2003, the company currently operates 29 stores across Saudi Arabia, offering over 12,000 products.
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