Red Sea International Co. Announces an update on Red Sea International announces the purchase of 51% of the total capital of First Fix Primary Installation Company for Electrical Works Ltd. for a cash consideration of SAR 544,170,000.

Red Sea International Co. Announces an update on Red Sea International announces the purchase of 51% of the total capital of First Fix Primary Installation Company for Electrical Works Ltd. for a cash consideration of SAR 544,170,000.

19 February 2024 03:50 PM

Element List

Explanation

Introduction

With reference to the announcement made by Red Sea International Company (the "Company") on the Saudi Exchange website, that the Company has signed an agreement with the selling partners of Primary Installation Electrical Works Company Limited ("First Fix") regarding the acquisition of a 51% stake in the share capital of First Fix (the "Acquisition Agreement"), the Company would like to announce that there will be a change in the identity of the parties involved in the Transaction.

Previous Announcement

Red Sea International announces the purchase of 51% of the total capital of First Fix Primary Installation Company for Electrical Works Ltd. for a cash consideration of SAR 544,170,000.

Date of Previous Announcement on Saudi Exchange’s Website

2023-06-12 Corresponding to 1444-11-23

Hyperlink to the Previous Announcement on the Saudi Exchange Website

Click Here

Latest Developments Of The Announced Event

The Company has signed two agreements to amend the terms of the Acquisition Agreement. These two agreements were executed by relevant parties where part of sellers of First Fix have assigned a share of their consideration to third parties. As the Acquisition