Riyadh - Mubasher: The board of United Electronics Company (eXtra) recommended, on 3 August 2026, the repurchase of a maximum of 2.49 million ordinary shares.
The retailer intends to hold the repurchased stock as treasury shares, according to a bourse filing.
The board stated that the primary motive for the buyback is the view that the current market price of the company's shares is lower than its fair value. The transaction will be financed through the company's own internal resources. The listed firm currently holds 6.88% of its total shares as treasury stock.
The execution of the buyback is subject to approval by the Extraordinary General Meeting (EGM).
Furthermore, the company must satisfy all financial solvency requirements as stipulated in the Implementing Regulations of the Companies Law for Listed Joint Stock Companies. The company noted that shares held in treasury will not carry voting rights during shareholder meetings.
At the end of June 2026, the group’s net profits jumped by 2.38% to SAR 197.23 million from SAR 192.65 million in the same period last year.
