United Electronics Company (eXtra) announces its intention to conduct an initial public offering (IPO) of its subsidiary, United International Holding Company
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of United Electronics Company (eXtra) on 30/05/2023 (corresponding to 10/11/1444H) stating that the company is currently evaluating strategic options concerning its consumer finance business, including the possibility of an initial public offering and the extent to which such an offering would create further value for shareholders.
United Electronics Company (eXtra) hereby announces its intention to conduct an initial public offering (IPO) for its subsidiary, United International Holding Company. This company owns United Company for Financial Services (Tasheel), which provides non-banking financial services to its clients. The board of United Electronics Company (eXtra) approved the significant transaction in their meeting held on 28 December 2023 (corresponding to 15/06/1445H). The IPO will be a significant transaction subject to the approval of the shareholders of United Electronics Company (eXtra) in accordance with Article 121 of the Rules on the Offer of Securities and Continuing Obligations.
Furthermore, United Electronics Company (eXtra) will publish separately an invitation to its shareholders to attend the General Assembly Meeting to vote on the significant transaction together with a shareholders’ circular containing further information on the Significant Transaction, upon obtaining regulatory approval.
On 07/12/2023 (corresponding 23/05/1445H) United Electronics Company (eXtra) board of directors formed a specialized committee to advise eXtra shareholders on the significant transaction pursuant to Article 122 of the Rules on the Offer of Securities and Continuing Obligations, the specialized committee consisting of the following independent members:
Mr. Mohammed Ahmed Youssef Abdelmalek Mr. Ali Mohamed Ali Faramawy Mr. Abdulaziz Abdulhamid Al Bassam |
| Previous Announcement | United Electronics Company (eXtra) announcement of a clarification related to media speculation on the potential initial public offering of one of eXtra’s subsidiaries |
| Date of Previous Announcement on Tadawul's Website | 2023-05-30 Corresponding to 1444-11-10 |
| Percentage of fulfilled achievement | NA |
| Event's Expected Completion Date | NA |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | NA |
| Additional Information | The initial public offering of United International Holding Company is subject to satisfying the necessary regulatory procedures and requirements, including without limitation obtaining approvals from the shareholders of eXtra, the Capital Market Authority on the registration and offer of the Company’s shares and the prospectus relating to the potential offering, approval from the Saudi Exchange (Tadawul) on listing the Company’s shares, in addition to obtaining all required official approvals in connection with the offering.
Any material developments will be announced in due course |
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