Riyadh-Mubasher: United Electronics Co. (eXtra) announced withdrawing the letter of intent for the acquisition of a 51% stake in International Provinces Co. without reaching a final agreement.
eXtra will incur SAR 5.2 million in advising costs for the attempted takeover. The financial impact will appear in the third quarter of 2016, according to a bourse filing on Sunday.
The company said it no longer saw that the deal as consistent with its current priorities.
In March, eXtra extended the letter of intent till 31 July 2016.
