| Element List | Explanation |
|---|---|
| Announcement Detail | United Electronics Company (eXtra) announces that United Company for Financial Services (a fully owned subsidiary) has obtained on August 16,2020 the Saudi Arabian Monetary Authority approval to complete all the regulatory requirements related to increase its Capital to SR 350m from SR 150m. The capital increase will be internally financed by United Electronics Company (eXtra). |
The Capital increase will support the company's plans to enable expanding its operations in providing a wide range of “Shariaa Compliant” consumer finance solutions.
It is worth noting that United Company for Financial Services is fully owned subsidiary by eXtra, commenced its “Shariaa Compliant” consumer finance Operations during Q2 2019 after securing SAMA's approval.
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