‎eXtra plans IPO of subsidiary Tasheel Finance: Report

‎eXtra plans IPO of subsidiary Tasheel Finance: Report

United Electronics Co. (eXtra) is planning an initial public offering (IPO) of its Islamic consumer finance business, Tasheel Finance, Reuters reported, citing two sources familiar with the matter.

eXtra has appointed HSBC to arrange the public share sale, the sources said.

An eXtra subsidiary, Tasheel Finance started operations in Q2 2019 after the Saudi Central Bank (SAMA) approval to practice Shariah-complaint consumer finance activities, data compiled by Argaam showed.

In May 2021, the company obtained SAMA license to practice credit card financing in Saudi Arabia.

Tasheel Finance’s net profit in 2022 amounted to SAR 193.6 million.

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