United Electronics Company (eXtra) General Assembly approves cash dividend for the first half of 2013

10/02/2013

Khobar, Saudi Arabia; October 2, 2013: Following the conclusion of a meeting of its General Assembly on Monday, 30 September, 2013, United Electronics Company (eXtra) has decided on the following.

First, the General Assembly approved the recommendations of the Board of Directors to distribute a cash dividend of SAR 37.5 million to shareholders for the first half of 2013. The dividend of SAR 1.25 per share is equivalent to 12.5 per cent of the company’s current paid-up capital of SAR 300 million. The dividend will be distributed to all shareholders of record at the end of the trading day of the General Assembly. Dividend distribution will begin on 31 October, 2013, and will be processed by SABB.

Second, the General Assembly passed a resolution authorising the Board of Directors to begin distributing half-yearly dividend payments as of September 30th 2013.

Abdullah Al Fozan, Chairman of the Board, United Electronics Company (eXtra), said: “Today’s announcement is a reflection of eXtra’s truly stellar growth this year – and we are very pleased to be able to share the success with our shareholders, while still preserving sufficient capital long-term expansion strategy. This has been an extraordinary year for eXtra as we successfully established our presence into Oman and Bahrain. On this occasion we would like to thank our investors, customers, and staff members for their commitment, and we look forward to their continued support in the years to come.”

Karim Manssour Dahbi, CEO United Electronics Company added, “The next few years will undoubtedly be a period of expansion for eXtra as we will continue to seize every opportunity to bring the best value coupled with an unparalleled range of services to our customers, while we strive to increase our presence in the Gulf.”