The board of Saudi-listed United Electronics Company (eXtra) has approved an exceptional cash dividend of 400 million Saudi riyals ($106.46 million), or SAR 5 per share, for the fourth quarter of 2024.

The payout was finalised based on the returns achieved from the completion of the initial public offering (IPO) of its subsidiary, United International Holding Company, on the Saudi Main Market.

The total number of eligible shares is 80 million, with dividend distribution set for December 31, 2024.

Separately, the company announced plans to buy back three million shares, considering the market share price below its fair value.

The buyback requires approval from the extraordinary general meeting (EGM) before proceeding.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)