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United International Holding Co., the subsidiary of Saudi-listed United Electronics Company (eXtra), announced its plan to float 7.5 million shares and list its shares on the Saudi Exchange’s Main Market.
The proceeds raised from the sale of 30% of share capital will accrue to Extra, the selling shareholder, according to a statement on Sunday. The company will not receive any portion of the offering proceeds.
The consumer electronic retailer has hired HSBC Saudi Arabia and EFG Hermes KSA to arrange the offering.
United International Holding Co., also known as Tasheel Finance, provides non-banking financial services to eXtra’s clients.
The IPO is likely to be concluded before year-end as the Capital Market Authority (CMA) approved the offering on early July.
(Writing by Brinda Darasha; editing by Seban Scaria)
