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Red Sea International Company announces the signing of a construction contract by its subsidiary The Fundamental Installation for Electric Work Co. Ltd. with Modern Building Leaders Co.
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RED SEA
-1.42
%
1445/10/29 08/05/2024 08:07:11
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Company announces that its subsidiary, The Fundamental Installation for Electric Work Co. Ltd. has recently signed a contract, for engineering, procurement and construction for site preparation and infrastructure works at Jeddah Central Development Project with Modern Building Leaders Co. |
| Date of Announcement of the Award | 2024-05-07 Corresponding to 1445-10-28 |
| Contract Subject Matter | Engineering, procurement and construction of MEP works related to site preparation and infrastructure works for Jeddah Central Development Project |
| The Entity with Which the Contract was Signed | Modern Building Leaders Co |
| Date of Signing the Contract | 2024-05-07 Corresponding to 1445-10-28 |
| Contract Value | SAR 113, 000, 000 (excl VAT) |
| Contract Details | The Fundamental Installation for Electric Work Co. Ltd. a subsidiary of the Red Sea International Co., has signed a contract for a period of 379 days, with Modern Building Leaders Co. (MBL), one of the largest contracting companies in the Kingdom, for engineering, procurement and construction of MEP works related to site preparation and infrastructure works at Jeddah Central Development Project. |
| Contract Duration | Three Hundred Seventy-Nine days |
| Financial Impact and the Relevant Period | Revenues and profits will be realized starting from Q2 2024 |
| Related Parties | Red Sea International Company & MSB Holding Company |
| Additional Information | The Fundamental Installation for Electric Work Co. Ltd. is a local market leader and one of the top standalone MEP contractors delivering world class projects via end-to-end solutions that provide integrated design, engineering and construction services in the field of mechanical, electrical, and plumbing (MEP) works. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 31.15
Net Change -0.45 (-1.42%)
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