United Electronics Company (Extra) announces on 28/8/2014 the purchase of land from a non-related party in northern Muscat (Seeb area) that has a demographical growth potential with a total land space of 7,048 square meters and a total value of 33 million Saudi riyals in order to construct the second store in Muscat and the third outside Saudi Arabia in line with the company's expansion plan which will contribute to the improvement of the company's profits in the future after the store open. The new store is expected to open in first quarter of 2015
The value of the total investment is financed by Islamic 3 years medium-term loan from SABB bank by 50 million Saudi riyals guaranteed by promissory note to finance the land price and the construction of the store.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.