eXtra to discontinue plans to expand in Egypt, sees SAR 38 mln negative impact

01/05/2023 Argaam
Logo ofUnited Electronics Co. (

Logo of United Electronics Co. (eXtra)

United Electronics Co.’s (eXtra) board of directors decided on April 30 to discontinue expansion plans in Egypt, the company said in a statement to Tadawul. 

 

The decision came after the retailer reviewed the feasibility of pushing ahead with external expansion in Egypt, expecting a negative financial impact of SAR 38 million. 

 

Further related material developments in this regard will be duly announced, the statement added.

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