Logo ofRes Sea International Co.
The Capital Market Authority (CMA) approved Res Sea International Co.’s capital top-up request through up to SAR 476.02 million in debt conversion. 
The shareholders’ circular related Red Sea’s proposed capital hike will be published within sufficient time before the deciding extraordinary general meeting (EGM), the CMA added in a statement today, Oct. 1.
The shareholders’ circular must include all relevant information that shareholders need to know before making a voting decision, including the associated risk factors.
A voting decision without reading the shareholders’ circular and carefully reviewing its content may involve high risks. Therefore, shareholders should carefully read the provided documents to confidently reach an informed decision. If the shareholders’ circular proves difficult to understand, it is recommended to consult with an authorized financial advisor, the authority noted.
The CMA’s approval of Red Sea’s planned capital hike should not be considered as an endorsement of the aforementioned pursuit. It merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.
Red Sea submitted its application in April 2024 to increase capital through debt conversion. At the time, the company explained that, following its review, the total debt to be converted and the resulting capital increase amounted to SAR 476.02 million, according to Argaam’s data.
The company added that the planned capital hike will be carried out by converting debts owed to Al-Dabbagh Group Holding Co. as well as the debt obligations arising from the acquisition of Fundamental Installation for Electric Work Co. (First Fix), at a combined value of SAR 476.02 million.
Logo ofRes Sea International Co.
The Capital Market Authority (CMA) approved Res Sea International Co.’s capital top-up request through up to SAR 476.02 million in debt conversion.
The shareholders’ circular related Red Sea’s proposed capital hike will be published within sufficient time before the deciding extraordinary general meeting (EGM), the CMA added in a statement today, Oct. 1.
The shareholders’ circular must include all relevant information that shareholders need to know before making a voting decision, including the associated risk factors.
A voting decision without reading the shareholders’ circular and carefully reviewing its content may involve high risks. Therefore, shareholders should carefully read the provided documents to confidently reach an informed decision. If the shareholders’ circular proves difficult to understand, it is recommended to consult with an authorized financial advisor, the authority noted.
The CMA’s approval of Red Sea’s planned capital hike should not be considered as an endorsement of the aforementioned pursuit. It merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.
Red Sea submitted its application in April 2024 to increase capital through debt conversion. At the time, the company explained that, following its review, the total debt to be converted and the resulting capital increase amounted to SAR 476.02 million, according to Argaam’s data.
The company added that the planned capital hike will be carried out by converting debts owed to Al-Dabbagh Group Holding Co. as well as the debt obligations arising from the acquisition of Fundamental Installation for Electric Work Co. (First Fix), at a combined value of SAR 476.02 million.
