eXtra’s retail finance subsidiary gets SAMA nod for SAR 200 mln capital hike

17/08/2020 Argaam

 

United Electronics Co. (eXtra) said wholly-owned subsidiary, United Company for Financial Services, received the Saudi Arabian Monetary Authority’s (SAMA) approval on August 16, 2020, to increase capital to SAR 350 million from SAR 150 million.

 

The capital increase will be internally financed by eXtra and will support the subsidiary’s plan to offer a wide range of Shariah-compliant consumer finance solutions, the retailer said in a statement to Tadawul on Monday.

 

In May 2019, United Company for Financial Services commenced Shariah-compliant consumer finance operations during Q2 2019 following SAMA’s approval.

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