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Red Sea International (RSI) announces significant development in relation to the previous announcement about the contract with Webuild S.p.A.

4230
RED SEA
6.66 %
1446/09/06     06/03/2025 15:46:51

Element ListExplanation
Introduction Red Sea International Company announces a significant development related to the contract with Webuild S.p.A., "the contractor", since RSI has received a letter regarding the activation of the optional scope (Phase 2 of the project)
Previous Announcement Red Sea International Co. Announces Contract Sign Off with Webuild S.p.A.
Date of Previous Announcement on Saudi Exchange’s Website 2024-08-18 Corresponding to 1446-02-14
Hyperlink to the Previous Announcement on the Saudi Exchange Website Click Here
Latest Developments Of The Announced Event It was previously announced that the project is divided into two phases, with the second phase being optional and subject to the contractor's discretion, which is valued at 228 million Saudi Riyals out of a total contract value of 658 million Saudi Riyals. The contractor has decided not to activate the second phase and to proceed with the primary phase. As a result, the company may be entitled to an additional amount upon completion of the contract works, provided that certain conditions specified in the contract are met. Any subsequent developments in this regard will be announced at a later stage.
The costs associated with the event, and if they have changed or not with indication of the reasons. There are no associated costs during the current period, and the financial impact, if any, will be announced at a later stage.

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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