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Red Sea International Co. Announces the Decrease of its Accumulated Losses to 8.5 % of the Capital
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of Red Sea International Company (the "Company") regarding the Extraordinary General Assembly's approval, held on 15-07-1447H (corresponding to 04-01-2026G), to offset the entire share premium balance of SAR 295,693,911 against the accumulated losses account; the Company would like to clarify to its valued shareholders the completion of the accumulated losses reduction process and the resulting decrease in its percentage of the capital. |
| Date of accumulated losses decrease | 2026-01-31 Corresponding to 1447-08-12 |
| Amount of the Accumulated Losses | SAR 41,024,003 |
| Percentage of the Accumulated Losses out of the Capital (%) | 8.5 % |
| Measures Taken by the Company to Decrease Accumulated Losses | The Company announces the completion of the implementation of its strategic plan to eliminate accumulated losses, which was previously announced on the Saudi Exchange (Tadawul) website on 11-05-1447H (corresponding to 02-11-2025). This step comes as part of the Company’s ongoing efforts to restructure its financial position and enhance growth and profitability levels. This was achieved based on the successful completion of the debt conversion process, in addition to utilizing the share premium balance resulting from such increase to offset the accumulated losses. Accordingly, the Company informs its valued shareholders that it is no longer classified among companies with accumulated losses amounting to 20% or more of its capital. Based on this, the red mark next to the Company’s name on the Tadawul trading screen will be removed, as the reasons for its appearance no longer exist. The Company affirms that this fundamental transformation reflects the success of its capital restructuring process, which has strengthened its financial position and enhanced its ability to expand, primarily driven by the strategic contracts previously announced and signed by the Company. In this regard, the Company also clarifies that its subsidiary, The Fundamental Installation for Electric Work Co. (First Fix), is currently working on completing its listing on the Main Market (TASI), as previously announced on 29/12/1446H (corresponding to 25/06/2025), which is expected to support the Company’s sustainability and expand the scope of its operations and client base. |
| The external auditor’s report clarifying the financial position of the company |  |
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 23.21
Net Change 0.26 (+1.13%)
Value Traded (Sar) 13,533,972.26
Volume Traded 579,834
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