United International Holding Company, the subsidiary of Saudi-listed United Electronics Company (eXtra), has received the approval of the Capital Market Authority (CMA) to register and float 7.5 million shares, equivalent to 30% of the company’s share capital, on the main market (Tadawul).

 The initial public offering (IPO) approval will be valid for six months from the CMA resolution date, the market regulator said in a statement.

The approval will be deemed cancelled if the offering and listing are not completed within the stipulated period, it added.

In December 2023, eXtra announced plans to launch an IPO of its subsidiary, which owns the Islamic consumer finance business.

United International Holding Company owns Tasheel Finance, which provides non-banking financial services to eXtra’s clients.

Tasheel provides Shariah-compliant consumer finance, buy-now-pay-later installment plans, and credit cards.

(Editing by Seban Scaria seban.scaria@lseg.com)