‎“Extra” to conduct IPO for its subsidiary “United International ‎Holding”‎

United Electronics Company (Extra) announced its intention to conduct an initial public offering of its subsidiary, United International Holding Company, which owns United Financial Services Company (Tas’heel), which provides non-banking financing services to its customers.‎

The company explained in a statement on Tadawul that the Board of Directors approved the fundamental transaction, which is subject to shareholder approval in accordance with Article (121) of the Rules on the Offer of Securities and Continuing Obligations.

It indicated that it will separately publish an invitation to its shareholders to attend the General Assembly meeting of shareholders in order to vote on the substantial transaction immediately upon obtaining approval from the regulatory authorities, in addition to a circular to shareholders that contains more information about the proposed substantial transaction.

It indicated that a specialized committee has been formed to provide advice to shareholders regarding the fundamental transaction in accordance with the provisions of Article 122 of the Rules on the Offer of Securities and Continuing Obligations. This committee consists of the following independent members:

Muhammad Ahmed Youssef Abdel Malik

Ali Muhammad Ali Faramawi

Abdulaziz Abdulhamid Al-Bassam

She noted that the initial public offering of United International Holding Company will be subject to regulatory procedures and requirements, which include, but are not limited to, obtaining the approval of Extra shareholders, the Authority’s approval to register and offer the company’s shares, approval of the prospectus related to the offering, and the approval of the Saudi Financial Market (Tadawul). To list the company’s shares, in addition to obtaining all official approvals related to the offering process.