eXtra to discontinue plans to expand in Egypt, sees SAR 38 mln negative impact

Logo of United Electronics Co. (eXtra)

United Electronics Co.’s (eXtra) board of directors decided on April 30 to discontinue expansion plans in Egypt, the company said in a statement to Tadawul. 

The decision came after the retailer reviewed the feasibility of pushing ahead with external expansion in Egypt, expecting a negative financial impact of SAR 38 million. 

Further related material developments in this regard will be duly announced, the statement added.