The decision came after studying the feasibility of the company’s continuity in Egypt
United Electronics Company “Extra” announced the Board of Directors’ decision to stop the company’s expansion plans in Egypt.
The company said in a statement on the “Saudi Tadawul” website today, Monday, that this decision came after studying the feasibility of the company’s continuity in moving forward with foreign expansion in Egypt.
The company stated that the expected negative financial impact of stopping its expansion plans in Egypt amounts to about 38 million riyals, and an announcement will be made later to clarify any material developments in this regard.
In December 2021, the company revealed that it aims to acquire a minimum of 10% of the electronics market in Egypt during the next five years.
2023-05-01 05:42:00
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