Logo of United Electronics Co. (eXtra)
United Electronics Co. (eXtra) reached a strategic understanding with Panda Retail Co. (Panda) to manage the electronics and home appliances segment in Panda stores.
The understanding aims to build a strategic cooperation between both companies over the medium and long term, which is supported by eXtra's experience in leading the consumer electronics sector, the retailer said in a statement to Tadawul.
In addition, eXtra noted Panda’s regional foothold and wide customer base, as the largest retail chain in Saudi Arabia. Together, this will contribute towards offering unparalleled customer experience for clients of both the companies, it added.
The agreement aims to strengthen eXtra’s strategy in reaching a wider customer base across the Kingdom.
Both companies will complete all the organizational, financial, technical, and legal procedures required, as well as seek all the needed approvals from the parties concerned.
Further announcement will explain any material developments in this regard, the statement said.
According to the data available with Argaam, Savola Group owns 98.87% of the shares in Panda, which retails food products, household appliances and electronics.
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