| Element List | Explanation |
|---|---|
| Announcement Detail | United Electronics Company (eXtra) announces approval of the Board of Directors in the meeting held on 16th of Dec 2021, to establish a fully owned subsidiary by (eXtra) in Arab Republic of Egypt. That will be the first expansion step outside the GCC. that is derived by Company's vast experience in leading the consumer electronics sector for more than eighteen years, and through inject initial direct investments of EGP 1bn into the Egyptian Market. This step comes to strengthen the company's regional footprint, and to support its strategy to diversify sources of income and maximize profits through offering the best value to its customers, which will add real value to its shareholders. |
The Company will start immediate to obtain the approvals and licenses needed from all concerned parties to establish the subsidiary to start commencing its operations.
It's worth noting that the investment will be funded through Internal cash flows and borrowing.
Further announcements will be made to explain any material developments and financial impact of incorporating the new Company.
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