The transaction supports Red Sea International’s strategy to focus on higher-return investments.
Red Sea International Co.’s subsidiary Red Sea for Building Materials and Equipment Co. completed the sale as well as the transfer of its shareholding in Premium Paints Co., upon receiving the required approvals from the relevant authorities, according to a statement to Tadawul.
Share ownership in Premium Paints Co. was transferred to Saudi Industrial Paint Co. Ltd. (SIPCO)
The initial transaction value amounted to SAR 17.3 million for 100% of Premium Paints Co.’s shares. A 81% of shares were held indirectly by the subsidiary at a value of SAR 14.01 million, while a minority shareholder, Sherwin-Williams – Cayman Islands, holds 19% of the shares valued at SAR 3.29 million.
The transaction supports Red Sea International’s strategy to focus on higher-return investments.
Red Sea International Co.’s subsidiary Red Sea for Building Materials and Equipment Co. completed the sale as well as the transfer of its shareholding in Premium Paints Co., upon receiving the required approvals from the relevant authorities, according to a statement to Tadawul.
Share ownership in Premium Paints Co. was transferred to Saudi Industrial Paint Co. Ltd. (SIPCO)
The initial transaction value amounted to SAR 17.3 million for 100% of Premium Paints Co.’s shares. A 81% of shares were held indirectly by the subsidiary at a value of SAR 14.01 million, while a minority shareholder, Sherwin-Williams – Cayman Islands, holds 19% of the shares valued at SAR 3.29 million.
