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eXtra to pay ‘exceptional’ dividend of $107m

By Pramod Kumar
United Company for Financial Services (Tasheel) was listed on the Saudi bourse on December 3 at SAR 132 per share Reuters/Faisal Al Nasser
United Company for Financial Services (Tasheel) was listed on the Saudi bourse on December 3 at SAR 132 per share

Saudi retailer United Electronics Company (eXtra) will distribute “exceptional” cash dividends for the fourth quarter of 2024 after listing of its shariah-compliant consumer finance business.

The company will pay SAR400 million ($106.5 million), or SAR 5 per share, to eligible shareholders who own the stock at the close of trading on December 31, 2024.

The total number of shares eligible is 80 million. Non-resident investors will be subject to withholding tax at a rate of 5 percent.

United Company for Financial Services (Tasheel), which provides non-banking financial services to its clients, is owned by eXtra’s subsidiary, United International Holding Company.

Tasheel was listed on the Saudi bourse on December 3 at SAR 132 per share.

Tasheel provides Islamic consumer finance, buy-now-pay-later instalment plans and credit cards, according to information on its website.

It obtained a license to sell credit cards from the Capital Market Authority in 2021.

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