Saudi: eXtra’s subsidiary to offer 30% of capital for Tadawul’s subscription

The approval will allow United International Holding to offer 7.50 mln shares, representing 30% of its capital, for public subscription on Tadawul’s Main Market

Staff Writer, Mubasher

April 18, 2024

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Riyadh – The shareholders of United Electronics Company (eXtra) agreed for the subsidiary United International Holding Company to offer shares on the Saudi Exchange (Tadawul), according to a bourse disclosure.

The approval, which was granted during the second extraordinary general meeting (EGM) on 16 April 2024, will allow United International Holding to offer 7.50 million shares, representing 30% of its capital, for public subscription on Tadawul’s Main Market.

On 28 December 2023, eXtra’s board members approved the initial public offering (IPO) of United International Holding, which is also subject to other regulatory approvals like the Saudi Capital Market Authority and Tadawul.

During the first quarter (Q1) of 2024, the listed company generated net profits worth SAR 93.86 million in addition to revenues of SAR 1.58 billion.

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