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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
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1446/02/16 20/08/2024 08:00:44
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Company (RSI) announces that its subsidiary The Fundamental Installation for Electric Work Co. Ltd. (First Fix) has signed a contract, for the execution of mechanical, electrical, and plumbing (MEP) works with Modern Building Leaders Co. with total value 167 million Saudi Riyals including Value Added Tax |
| Date of Announcement of the Award | 2024-08-19 Corresponding to 1446-02-15 |
| Contract Subject Matter | Engineering, Procurement, and Construction of MEP works |
| The Entity with Which the Contract was Signed | Modern Building Leaders Co. |
| Date of Signing the Contract | 2024-08-19 Corresponding to 1446-02-15 |
| Contract Value | SAR 167,783,373 (incl. VAT) |
| Contract Details | First Fix a subsidiary of Red Sea International, has signed a contract for a period of 36 months with Modern Building Leaders Co., one of the largest contracting companies in the Kingdom, for the engineering, supply, installation, testing, commissioning, and handing-over of MEP works for one of its projects. |
| Contract Duration | Thirty-Six (36) months |
| Financial Impact and the Relevant Period | The financial impact of the contract is expected to be reflected in the third quarter of the current financial year |
| Related Parties | Red Sea International Company & MSB Holding Company |
| Additional Information | First Fix 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 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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