United Electronics Company (Extra) announces the opening of an investment portfolio on Thursday 6 February 2014, which will be managed by the Saudi Fransi Capital according to the standard agreement as per CMA requirements (DPM), with the objective to diversify its income sources, to invest solely in the new equity listings (IPOs) and to be financed by extra and local banks.
The investment will be recorded as a trading investment based on its fair value with recognition of any unrealized gains or losses in the income statement as per the SOCPA standard.
The financial impact will be reflected in the income statement at the end of each accounting period.
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