Logo of United Electronics Co. (eXtra)
United Electronics Co. (eXtra) announced its intention to launch an initial public offering (IPO) for its subsidiary United International Holding Co., which owns United Company for Financial Services (Tasheel Finance).
In a statement to Tadawul, eXtra pointed out that the company’s board agreed, on Dec. 28, on a material deal subject to the shareholders’ approval as per Article 121 of the Rules on the Offer of Securities and Continuing Obligations.
The company will publish an invitation to its shareholders to attend a general assembly meeting to vote on the significant transaction upon obtaining regulatory approval, in addition to a shareholders’ circular with more details on the transaction.
On Dec. 7, the board formed a specialized committee of three independent members - Mohamed Abdulmalik, Ali Faramawi and Abdulaziz Al-Bassam - to advise shareholders regarding the material transaction.
The IPO will be subject to regulatory procedures and requirements, which include, but are not limited to, obtaining the approvals of eXtra shareholders, the Capital Market Authority (CMA) and Tadawul.
Any material developments will be announced later in due course, the statement added.
According to data available with Argaam, United International Holding is 99% owned by eXtra Saudi Arabia and 1% held by eXtra Bahrain. The company manages associate companies and implements investment partnerships in real estate and other securities.
United International Holding has capital of SAR 250 million, divided into 25 million shares with a par value of SAR 10 apiece.
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