PHOTO
Red Sea International Company said its board of directors has recommended increasing the company’s share capital by 280 million riyals ($74.6 million), representing 58% of its existing capital, through a rights issue.
The construction company, majority owned by Al-Dabbagh Holding Group, said the planned capital increase aims to support its expansion plans, provide additional working capital, strengthen its financial position, and contribute to financing and implementing future projects.
Alinma Capital has been appointed as the financial advisor for the rights offering.
The board’s recommendation remains subject to the approval of regulatory authorities and the Extraordinary General Assembly (EGM).
The proposed capital increase is also subject to a six month regulatory lock-up period from the date of the issuance.
(Writing by Brinda Darasha; editing by Daniel Luiz)
