(MENAFN - Arab News) United Electronics Company (eXtra), Saudi Arabia's fastest-growing big box consumer electronics and home appliance retailer, has announced that the listing of its shares on the Saudi Stock Exchange (Tadawul) will begin on Saturday following the conclusion of its successful initial public offering (IPO), which closed on Sunday (Dec. 11).
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.