Extra BOD announces approval to Establish Subsidiary in Egypt

The United Electronics Company (EXtra) announced on Sunday the approval of Board of Directors, to establish a fully owned subsidiary by (EXtra) in Egypt.

 That will be the first expansion step outside the GCC, due to its 18- year expertise in leading the consumer electronics sector, and through injecting initial direct investments of EGP 1bn into the Egyptian Market.

This step comes to strengthen the company’s regional footprint, and to support its strategy to diversify sources of income and maximize profits through offering the best value to its customers, which will add real value to its shareholders.

The Company will start immediate to obtain the approvals and licenses needed from all concerned parties to establish the subsidiary to start commencing its operations.

It’s worth noting that the investment will be funded through internal cash flows and borrowing.

Further announcements will be made to explain any material developments and financial impact of incorporating the new Company.