‎Red Sea board recommends capital hike via SAR 280M rights issue

Red Sea International Co.’s board of directors recommended today, March 16, to the Extraordinary General Assembly a capital increase of SAR 280 million, representing 58% of its current capital, through the offering of rights issue shares.

The company said in a statement to Tadawul that the capital increase aims to support the company’s plans to expand its future activities, provide the necessary working capital to strengthen its financial position, and contribute to financing and executing its future projects.

Red Sea International Co.’s board of directors recommended today, March 16, to the Extraordinary General Assembly a capital increase of SAR 280 million, representing 58% of its current capital, through the offering of rights issue shares.

The company said in a statement to Tadawul that the capital increase aims to support the company’s plans to expand its future activities, provide the necessary working capital to strengthen its financial position, and contribute to financing and executing its future projects.