– United Electronics Co. (Extra) plans to list a 30% stake in its financial services unit, United International Holding Co., on the Saudi main market, offering 7.5 million shares.

– Tasheel Finance, established in 2019, posted a Q3 profit of 59 million riyals ($15.7 million), reflecting an 11% year-on-year growth.

– HSBC Saudi Arabia and EFG Hermes KSA have been appointed to manage the offering, expected to take place in the coming weeks.

Saudi Arabia-based United Electronics Co. (Extra), is set to list a 30% stake in its financial services subsidiary, United International Holding Co., on the Saudi main market. The subsidiary, which owns Tasheel Finance, plans to float 7.5 million shares, with proceeds going to Extra as the selling shareholder.

HSBC Saudi Arabia and EFG Hermes KSA have been appointed as arrangers for the offering, which is expected to take place in the coming weeks, as reported by Bloomberg.

Established in 2019, Tasheel Finance offers credit financing and other digital services. The company posted a profit of 59 million riyals ($15.7 million) in Q3, marking an 11% year-on-year growth.

Saudi Arabia-based United Electronics Co., commonly known as Extra, is a electronics retailer in the Kingdom, offering a wide range of consumer electronics, home appliances, and related services. In a strategic move to expand its presence in the financial services sector, Extra established Tasheel Finance in 2019. This subsidiary provides innovative funding solutions to its customers, including credit financing and other digital financial services.

Tasheel Finance has quickly grown, reflecting the increasing demand for flexible financial options in the retail market. In the third quarter of this year, Tasheel reported a profit of 59 million riyals ($15.7 million), marking an impressive 11% year-on-year growth.

To leverage its financial arm’s success, Extra is preparing to list a 30% stake in its financial services unit, United International Holding Co., which serves as the parent company of Tasheel Finance. This listing on the Saudi main market will involve the sale of 7.5 million shares, with proceeds going to Extra, the selling shareholder.

HSBC Saudi Arabia and EFG Hermes KSA have been appointed to arrange the offering, which is expected to take place in the near future, as reported by Bloomberg.