Electronics retailer eXtra eyes capital increase to $64m to fund growth plans across GCC
Saudi-based consumer electronics retailer eXtra said on Sunday it was planning to raise its capital in a bid to fund expansion plans across the GCC.
The company, also known as United Electronics Company, said in a statement that it plans to increase its share capital by 25 percent through bonus shares.
The move comes as the retailer is poised to make its debut in the Bahrain and Oman markets.
Subject to regulatory approval, the company will increase its capital by six million shares, raising the company's current capital from SR240m ($64m) to SR300m.
Abdullah Al Fozan, chairman of eXtra, said: "We have a clear strategy in place to expand the business both in our home country of Saudi Arabia and across the wider Middle East.
"We will imminently open our first stores in Bahrain and Oman, and we have ambitious plans in place to expand further in the future.
"This share issue is fully in line with our strategy to support these ambitious goals."
Founded in 2003 and headquartered in Khobar, eXtra is the largest and fastest-growing consumer electronics and home appliance retailer in Saudi Arabia.
The company currently operates 29 stores across the kingdom, offering over 12,000 products.