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Red Sea International Company hereby announces its intention to conduct an initial public offering (IPO) for its subsidiary, Fundamental Installation for Electric Work Company Limited.
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| Announcement Detail | Red Sea International Company hereby announces its intention to conduct an initial public offering (IPO) for its subsidiary, Fundamental Installation for Electric Work Company Limited. The board of Red Sea International Company approved the significant transaction by way of resolution by circulation circulated on 27 Thul-Hijjah 1446H (corresponding to 23 June 2025G) and executed on 28 Thul-Hijjah 1446H (corresponding to 24 June 2025G). The IPO will be a significant transaction subject to the approval of the shareholders of Red Sea International Company in accordance with Article 107 of the Rules on the Offer of Securities and Continuing Obligations. Although Red Sea International Company is not selling any of its shares in Fundamental Installation for Electric Work Company Limited in connection with the IPO, the transaction qualifies as a significant transaction due to the materiality of Fundamental Installation for Electric Work Company Limited to Red Sea International Company’s operations and the impact of the IPO on a core subsidiary. As such, and in accordance with Articles 102 to 110 of the Rules on the Offer of Securities and Continuing Obligations, it is a condition of the Capital Market Authority’s approval that the shareholders of Red Sea International Company approve the significant transaction. On 7 Thul-Hijjah 1446H (corresponding to 3 June 2025G), Red Sea International Company board of directors formed a specialised committee to advise Red Sea International Company shareholders on the significant transaction pursuant to Article 108 of the Rules on the Offer of Securities and Continuing Obligations, the specialised committee consisting of the following independent members: Mr. Mohammed Zaher Salahuddin Al Munajjed Dr. Lama Abdulaziz Al Sulaiman Dr. Hans Martin Stockmeier Furthermore, Red Sea International Company will publish separately an invitation to its shareholders to attend the General Assembly Meeting to vote on the significant transaction together with a shareholders’ circular containing further information on the significant transaction. - The initial public offering of Fundamental Installation for Electric Work Company Limited is subject to satisfying the necessary regulatory procedures and requirements, including without limitation converting into a joint stock company, obtaining approvals from the shareholders of Red Sea International Company, the Capital Market Authority on the registration and offer of the Company’s shares and the prospectus relating to the potential offering, as well as approval from the Saudi Exchange on listing Fundamental Installation for Electric Work Company Limited’s shares, in addition to obtaining all required official approvals in connection with the offering. Any material developments will be announced in due course |
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 24.1
Net Change -0.02 (-0.08%)
Value Traded (Sar) 13,236,490.72
Volume Traded 547,197
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