United International issues prospectus for 30% IPO on TASI

United International Holding Co. issued prospectus for offering 7.5 million shares, or 30% of its capital, on the Main Market (TASI).

The period for registering requests and book building will run for eight days from Oct. 28 to Nov. 4, 2024.

The retail-offering period will run from Nov. 19-20, 2024.

In June, the Capital Market Authority (CMA) approved the company's application to float its shares on the main market.

The subscription is limited to two categories of investors: 

Tranche (A)- Participating Parties: Those who are qualified to participate in the book-building process, as per instructions for book building and share allocations issued by the Capital Market Authority, including mutual funds, corporates, and qualified foreign investors and GCC investors, to which a total of 7.5 million shares, or 100% of offered shares, will be allocated. The financial advisor will have the right to reduce the number of their allocated shares to 90% of total offered shares, at 6.75 million as a minimum.

Tranche B -Retail Investors: This tranche comprises Saudi nationals, including any non-Saudi natural person living in the Kingdom and any GCC national, who holds a bank account with one of the receiving entities and has the right to open an investment account with a financial market institution. A total of 750,000 shares (10% of the total shares on offer) will be allocated to individual investors.

United International, a subsidiary of United Electronics Co. (eXtra), manages associates and implements investment partnerships in real estate and securities.  

In 2021, United International was established in Al-Khobar, mainly to engage in consumer financing in accordance with the Companies Law, the Finance Companies Control Law and its executive regulations, related laws, as well as the Saudi Central Bank's rules and instructions.

As per its bylaws, the company operates in managing its subsidiaries and participates in the management of other companies in which it has a shareholding. It also owns real estate and movables necessary for its activities, in addition to investing its funds in shares and other securities. Furthermore, the company provides loans, guarantees and financing to its subsidiaries, as well as owns industrial property rights such as patents, trademarks, franchise rights, and other intangible rights. It also exploits and leases them to its subsidiaries or others.