United Electronics Company Extra Saudi Arabia has confirmed its intention to conduct an initial public offering for its subsidiary United International Holding Company, which owns United Financial Services Company Tasheel, which provides non-banking financing services to its clients.
Extra stated in a disclosure on the main Saudi stock market’s Tadawul website that its board of directors approved this step last Thursday. It added that it will publish an invitation to its shareholders to vote on the offering process immediately after obtaining approval from the regulatory authorities, in addition to publishing a circular to shareholders containing more information about the proposed deal.
Extra had disclosed an increase in its profits during the third quarter of 2023 by 25.5% to 118.2 million riyals ($31.5 million), supported by increased revenues, specifically revenues from the consumer finance sector resulting from the operations of the United Financial Services Company, which increased 18% over On an annual basis during the same period, according to Extra’s disclosure last October.
