United Electronics Company (eXtra) opened an investment portfolio on Thursday (Feb. 6), according to the company's announcement posed to Tadawul website.

The portfolio will be managed by the Saudi Fransi Capital. This is as per the standard agreement and CMA requirements (DPM), with the objective of diversifying its income sources and investing 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, the company stated.