Latest news with #UnitedInternationalHolding
Argaam
27-05-2025
- Business
- Argaam
eXtra shareholders OK 3M share buyback
United Electronics Co.'s (eXtra) shareholders approved the buyback of a maximum of 3 million shares, to be retained as treasury shares. This came during the extraordinary general meeting (EGM) held on May 26, according to a statement to Tadawul. The board of directors believes that eXtra shares trade below their fair value. The share repurchase will be financed through the company's internal resources as well as the proceeds from the initial public offering (IPO) of its subsidiary (United International Holding Co.). The board will be authorized to complete the share repurchase in one or multiple phases within a maximum period of 18 months from the date of the general meeting resolution. The company shall retain the purchased shares for a period not exceeding eight years from the date of the shareholders' approval. After this period, the company shall follow the procedures and regulations stipulated in the applicable laws and regulations. Additionally, shareholders authorized the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2025.
Arab News
26-05-2025
- Business
- Arab News
Six Saudi-listed companies join FTSE Russell indices amid index review
RIYADH: Six recently listed Saudi companies are set to join FTSE Russell's global equity benchmarks, following the index provider's latest quarterly review. As part of the FTSE Saudi Arabia Inclusion in the Global Equity Index Series, these changes will take effect on June 23 and be reflected on the Saudi Exchange at the close of trading on Wednesday, June 19. The adjustment is being made early due to the market closure on Friday, June 21. The newly included companies are Al Majed Oud Co., Arabian Mills for Food Products Co., Fourth Milling Co., Nice One Beauty Digital Marketing Co., Tamkeen Human Resource Co., and United International Holding Co. All six companies recently completed initial public offerings on the Tadawul. FTSE Russell, a subsidiary of the London Stock Exchange Group, is a globally recognized index provider. Its indices, including the FTSE Global Equity Index Series, are widely followed by institutional and passive investors. Inclusion in these benchmarks is a notable milestone for any listed company, often resulting in increased passive fund inflows, improved liquidity, greater visibility, and enhanced credibility. According to the index update, Al Majed Oud Co. will be included in the Mid Cap segment of the FTSE Global Equity Index. The other five companies — Arabian Mills, Fourth Milling, Nice One, Tamkeen, and United International Holding — will be added to the Micro Cap segment. This move supports Saudi Arabia's Vision 2030, a national strategy aimed at diversifying the economy, liberalizing capital markets, and boosting non-oil revenues. Reforms spearheaded by Tadawul and the Capital Market Authority — including the easing of foreign ownership restrictions and the modernization of trading systems — have helped make the Kingdom's markets more accessible to global investors. The momentum in Saudi Arabia's IPO market continues to grow. In 2024, the main market witnessed 14 IPOs that raised approximately $3.8 billion, while the Nomu parallel market hosted 28 listings. Currently, more than 30 companies are in the IPO pipeline, and Tadawul is expecting a record year, with over 50 applications under review. Despite the positive signal from index inclusion, all six companies experienced declines in share price as of 14:00 Saudi time on the day of the announcement. Al Majed Oud Co. dropped by 2.09 percent, Arabian Mills for Food Products Co. declined 1.87 percent, and Fourth Milling Co. fell 1.06 percent. Nice One Beauty Digital Marketing Co. slipped 1.96 percent, Tamkeen Human Resource Co. was down 2.89 percent, and United International Holding Co. edged lower by 0.71 percent. While short-term price fluctuations are common, research suggests that being added to major global indices tends to enhance a company's visibility and appeal to institutional investors over time. The long-term impact, however, often depends on broader market conditions, investor behavior, and post-inclusion trading patterns.
