United Electronics Co. (eXtra), one of Saudi Arabia’s leading retailers of electronics, has canceled a letter of intent (LOI) with Mohammed Youssef Al-Saqr and Partners to acquire a 51 percent stake in fashion retail subsidiary v Co.
The company said in a regulatory statement that the acquisition doesn’t match its priorities at the current time.
Because it cancelled the agreement, eXtra will bear SAR 5.2 million in consulting charges, the statement added. Financial impact will reflect on Q3 results.
The company first signed the LOI in June 2015 and extended it last March.
Ahmed Al-Saqr, who is a member of eXtra’s board, is also a partner of International Provinces Co.
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