eXtra plans IPO of subsidiary Tasheel Finance: Report
29/05/2023 Argaam
Logo of Tasheel Finance
United Electronics Co. (eXtra) is planning an initial public offering (IPO) of its subsidiary United Company for Financial Services (Tasheel Finance), Reuters reported, citing two sources familiar with the matter.
eXtra has appointed HSBC to arrange the share sale of its Islamic consumer finance business, the sources said.
Tasheel Finance started operations in Q2 2019 after obtaining the Saudi Central Bank (SAMA) approval to practice Shariah-complaint consumer finance activities, data compiled by Argaam showed.
In May 2021, the company obtained SAMA license to practice credit card financing in Saudi Arabia.
Tasheel Finance’s net profit in 2022 amounted to SAR 193.6 million.