United International gets CMA approval to float 7.5M shares on TASI

Logo of the Capital Market Authority (CMA) 

United International Holding Co. obtained the approval of the Capital Market Authority (CMA) to register and float 7.5 million shares, representing 30% of the company's share capital, on the main market (TASI).

The initial public offering (IPO) prospectus will be published within sufficient time prior to the start of the subscription period, the market regulator said in a statement today, June 30.

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The approval will be valid for six months from the CMA resolution date. It will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.

United International is a 99%-owned subsidiary of eXtra Saudi Arabia and 1%-owned by eXtra Bahrain. It operates in the management of sister companies and the implementation of investment partnerships in real estate and other securities.

United International operates with SAR 250 million capital, divided into 25 million shares at SAR 10 each.