Riyadh – Mubasher: The Capital Market Authority (CMA) passed, on 29 June, the initial public offering (IPO) of United International Holding Company to float its shares on the Saudi Exchange (Tadawul).

The firm, a subsidiary of United Electronics Company (eXtra), plans to offer 7.50 million shares, accounting for 30% of its share capital, according to a bourse filing.

Last April, the shareholders of eXtra greenlighted the unit’s IPO, while the board members granted their approvals in December 2023.

In the first quarter (Q1) of 2024, the Tadawul-listed company logged  11.15% year-on-year (YoY) higher net profits at SAR 93.86 million, compared to SAR 84.44 million.