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Saudi CE retailer to make IPO in December
United Electronics Company to offer 30% share of business
United Electronics Company operates the eXtra chain in Saudi.
By
Mark Sutton
Published
October 31, 2011
Saudi's United Electronics Company, is planning an initial public offering in December, according to Reuters.
The consumer electronics retailer, one of the largest in the Kingdom, plans to offer 30% of its business through a book build process. A book build process is where a price for shares is determined in a marketing period before the sales period.
The company operates the eXtra chain of stores, with 21 stores in Saudi Arabia.
In all, 7.2 million shares will be offered to the public, from 5th December to 11th December.
The company reported an annual turnover of over SR2bn ($533.3m) in the year to June 2011 and earnings of SR126.5m.
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