The listing of the ordinary shares of eXtra was finalized
and the company shares will begin trading Saturday under the share code
"4003," which will appear on Tadawul screens, trading systems and
publications, according to a press release received here on Thursday.
"We are very grateful to all the investors who
participated in our landmark offering and contributed to its success,"
said Abdullah A. Al-Fozan, chairman, United Electronics Company.
"Following the listing of our shares on the Saudi Stock Exchange, we now
encourage an even wider public to take this opportunity to participate directly
in the eXtra growth story," he added.
The SR396 million IPO was covered by 214.9 percent, with
almost 15.5 million shares subscribed by individual and institutional
investors.
Founded in 2003, eXtra is by far the largest consumer
electronics retailer in Saudi Arabia — at more than three times the size of its
nearest competitor in terms of number of stores. Indeed, with an annual
turnover of more than SR2 billion and earnings of SR126.5 million for the
12-month period from July 2010-June 2011, eXtra is today uniquely positioned to
realize its aim of becoming the regional consumer electronics retail leader by
2020.
Currently, eXtra provides the over 9 million customers it
serves annually with more than 12,000 products across its 22 stores - serving
90 percent of the population of Saudi Arabia. In addition, eXtra recently
introduced its online shopping portal (www.extra.com), the first fully fledged
electronics and home appliance website of its kind in the Kingdom.
With more than 1,700 employees, eXtra is a major
contributor to the economic growth and diversification of Saudi Arabia. It has
been voted by one of the Kingdom's leading financial newspapers as offering the
"Best Retail Working Environment in the Kingdom."
In both 2010 and 2011, eXtra was cited by the Saudi
Arabian General Investment Authority (SAGIA) as one of the Kingdom's
fastest-growing companies. In addition, the company was recently named, for the
second consecutive year, as one of the top 50 brands in the Kingdom in
recognition of its exceptional growth and sustained commercial success.
