Saudi consumer electronics and home appliance retailer, United Electronics Co (eXtra) has planned an initial public offering (IPO).
Saudi consumer electronics and home appliance retailer,United Electronics Co (eXtra) has planned an initial public offering (IPO). The company has recently disclosed the launch of its IPO which is scheduled for December, 2011. The firm is set to offer 7.2 million shares equivalent to 30 percent of the company's share capital in the IPO as approved by the Saudi Capital Market Authority (CMA). The subscription is open only for the Saudi nationals. eXtra is a leading player in the Saudi consumer electronics market. Presently, the company has dominant presence in Saudi Arabia through 21 stores catering to 90 percent of the domestic population. Further, the company is will open three new stores by end of this year.
