Skip to content Skip to Search
Skip navigation

eXtra to seek approval for consumer finance unit IPO

Jamjoom Pharmaceuticals IPO Saudi Arabia Tadawul Reuters/Ahmed Yosri
eXtra will invite shareholders to a general assembly meeting to vote on the significant transaction upon obtaining regulatory approval

Saudi retailer United Electronics Company (eXtra) plans to launch an initial public offering (IPO) of its Shariah-compliant consumer finance business.

United Company for Financial Services (Tasheel), which provides non-banking financial services to its clients, is owned by eXtra’s subsidiary, United International Holding Company.

The IPO will be a “significant transaction” subject to the shareholders’ approval, the company said in a statement to the Saudi bourse on Sunday.

eXtra will invite shareholders to a general assembly meeting to vote on the transaction upon obtaining regulatory approval.

Reuters reported that HSBC had been appointed to arrange the public share sale in May, citing sources.

Tasheel provides Shariah-compliant consumer finance, buy-now-pay-later installment plans and credit cards, according to information on its website. It obtained a license to sell credit cards from the Capital Market Authority in 2021.

HSBC was the financial advisor and lead manager of eXtra’s IPO in 2011, which raised SAR396 million ($105.60 million) for selling a 30 percent stake offered to the public.

Latest articles

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

The 450 companies operating at Dubai Science Park include AstraZeneca, and the free zone plans to add 200,000 sq ft of lab and office space

Dubai Science Park reveals expansion plans

Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI.  Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […]

A worker at a phosphate production plant in Metlaoui, Tunisia. Phosphate accounts for 15% of Tunisia's exports

Saudi Arabia loans $55m for Tunisian rail renewal

Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network.  The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […]

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]