Riyadh – Mubasher: The board of United Electronics Company (eXtra) has approved the launch of a fully-owned subsidiary in Egypt through initial direct investments of EGP 1 billion into the Egyptian Market.

This step is eXtra's first expansion outside the GCC, backed by the company's experience in the consumer electronics sectors for more than 18 years, according to a bourse filing on Sunday.

Subject to the approvals and licenses from all concerned parties, establishing a new subsidiary in Egypt will also support the company's strategy to diversify sources of income and maximise profits.

The company will finance the investment through internal cash flows and borrowing.