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Saudi Arabian modular house manufacturer Red Sea International has announced its intention to float its subsidiary, Fundamental Installation for Electric Work Company Limited, a mechanical, electrical, and plumbing (MEP) contractor.
Red Sea will not be selling any of its shares in the subsidiary, a bourse statement said. The prospectus relating to a potential IPO and listing details will be disclosed when Red Sea has secured the necessary regulatory approvals, it added.
(Writing by Brinda Darasha; editing by Seban Scaria)
