Extra buys land in Oman to open third store abroad

31/08/2014 Argaam

The United Electronics Company (Extra) said it bought a 7048 square meter land in Muscat to build its second branch in the Omani capital and third outside of Saudi Arabia.

The land’s price was SAR 33 million and was financed by an Islamic finance, the company said in a filing to Tadawul.

The company expected a positive impact as of the first quarter of 2015, and said that the investment was financed by a three-year, SAR 50 million Islamic facility from Saudi British Bank (SABB), collateralized by a promissory note and other assets.

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