eXtra to set up EGP 1 bln wholly-owned subsidiary in Egypt

Logo of eXtra

United Electronics Co.’s (eXtra) board of directors approved, on Dec. 16, establishing a wholly-owned subsidiary in Egypt, to mark the company’s first expansion outside the GCC, the company said in a statement to Tadawul.

The home appliance producer will inject initial direct investments of EGP 1 billion into the Egyptian market, which will be funded through internal cash flows and loans.

eXtra will start immediately to obtain the required approvals and issue the licenses needed from all competent authorities to set up the subsidiary and commence operations.

The expansion comes as part of the company's vast experience of over 18 years in leading the consumer electronics sector.

The move aims to strengthen the company's regional footprint, support its strategy to diversify its income sources, and maximize its profits through offering the best value to its customers, which will add real value to the company’s shareholders

The company will disclose any material developments and the relevant financial impact of establishing a new subsidiary in due course, the statement added.