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Red Sea International Company announces that the value of transactions with a related party has exceeded 1% of its total revenues, in accordance with the latest audited annual financial statements
| Element List | Explanation |
|---|---|
| Announcement Detail | Red Sea International Company (“the Company”) announces, pursuant to Article (65), paragraph (11) of the Rules on the Offer of Securities and Continuing Obligations, that the total value of existing transactions with Al-Dabbagh Group Holding Company (a related party – major shareholders) has exceeded 1% of the Company’s total revenues, in accordance with the latest audited annual financial statements. Details of the related party transaction: The Company obtained an interest-free loan from Al-Dabbagh Group Holding Company (one of the major shareholders), without any interest or fees, for the purpose of covering financing costs. It is noted that the Board members who have an indirect interest in this transaction are: Amr Abdullah Al-Dabbagh (Chairman), Mohammed Husnee Jazeel (Board Member), and Shahad Al-Nejaim(Board Member). The Company confirms that this transaction was conducted in the ordinary course of business and on arm’s length terms. It also complies with the requirements of Article (71) of the Companies Law, as it has been reviewed by the Audit Committee, which confirmed that the loan terms are fair, reasonable, and do not prejudice the interests of the Company or its shareholders. |
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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