eXtra studies options for consumer finance business, possible IPO

Logo of United Electronics Co. (eXtra) 

United Electronics Co. (eXtra) is evaluating strategic options for its consumer finance business, United Company for Financial Services (Tasheel Finance), including the possibility of an initial public offering (IPO) to create further value for shareholders.

In a statement to Tadawul, the home appliance retailer said any decision on these strategic options is subject to completing the necessary financial, technical and legal assessments, along with obtaining the relevant corporate and regulatory approvals.

These clarifications followed the media reports on the company’s plans for a potential public offering of its subsidiary.

Any relevant updates will be announced by eXtra according to applicable regulations, the statement added.

eXtra was said to be planning an IPO of Tasheel Finance. It appointed HSBC to arrange the share sale of its Islamic consumer finance business, Argaam reported, citing a Reuters report.

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