Dubai: United Electronics Company (eXtra) announces to list a 30 per cent stake in its financial unit, United International Holding Company (UIHC), on the Saudi Exchange (Tadawul).
UIHC oversees Tasheel Finance, which specialises in Islamic consumer finance, and Procco Financial Services, offering payment and loyalty solutions to the financial and retail sectors.
The funds raised from this listing will be allocated to eXtra.
With over 50 consumer electronics and appliance stores across Saudi Arabia, eXtra launched Tasheel Finance in 2019 to provide non-banking financial services.
Tasheel Finance offers Shariah-compliant options such as buy-now-pay-later instalment plans and credit cards.
In the third quarter, Tasheel reported profits of $15.7 million (Dh57 million), an 11 per cent increase compared to the same period last year.
HSBC Saudi Arabia and EFG Hermes KSA have been appointed to manage the offering.
HSBC previously served as the financial advisor and lead manager for eXtra’s IPO in 2011, which raised $105 million (Dh385 million) for a 30 per cent stake.
