Logo ofRed Sea International Co. (RSI)
Red Sea International Co.’s (RSI) proceeds from its rights issue (as part of the capitalincrease through a rights offering) will be primarily used to fully repay bank obligations related to the acquisition of Electric Work Co. Ltd. (First Fix). 
In a statement to Tadawul, the company said this step will allow it to own its full stake in First Fix without any financial obligations, providing full flexibility to proceed with the company’s listing process without cash pressures or commitments.
Red Sea added that the capital increase will strengthen its creditworthiness and borrowing capacity, supporting the financing of its core projects in building and operating residential complexes within the oil and gas sector.
The company also highlighted that the move will facilitate the geographical expansion of its residential complex projects in Makkah and Madinah.
This expansion aligns with the anticipated growth in housing demand, especially with plans to open the market to non-Saudi ownership.
According to data available with Argaam, Red Sea’s board of directors recently recommended a capital increase of SAR 280 million, representing 58% of its current capital, through a rights issue.
In June 2023, RSI announced the acquisition of 51% of First Fix, a primary electrical installation company, for a cash consideration of SAR 544.2 million.
In September 2025, the company’s general assembly approved a proposal to offer 30% of the share capital of First Fix on the capital market.
The company also announced last November the completion of listing the new shares issued to creditors as part of the capital increase through debt conversion, with 18.03 million new shares issued in their favor.
This completed all requirements of the acquisition of the 51% stake in First Fix and finalized the debt conversion transaction in full.
Logo ofRed Sea International Co. (RSI)
Red Sea International Co.’s (RSI) proceeds from its rights issue (as part of the capitalincrease through a rights offering) will be primarily used to fully repay bank obligations related to the acquisition of Electric Work Co. Ltd. (First Fix).
In a statement to Tadawul, the company said this step will allow it to own its full stake in First Fix without any financial obligations, providing full flexibility to proceed with the company’s listing process without cash pressures or commitments.
Red Sea added that the capital increase will strengthen its creditworthiness and borrowing capacity, supporting the financing of its core projects in building and operating residential complexes within the oil and gas sector.
The company also highlighted that the move will facilitate the geographical expansion of its residential complex projects in Makkah and Madinah.
This expansion aligns with the anticipated growth in housing demand, especially with plans to open the market to non-Saudi ownership.
According to data available with Argaam, Red Sea’s board of directors recently recommended a capital increase of SAR 280 million, representing 58% of its current capital, through a rights issue.
In June 2023, RSI announced the acquisition of 51% of First Fix, a primary electrical installation company, for a cash consideration of SAR 544.2 million.
In September 2025, the company’s general assembly approved a proposal to offer 30% of the share capital of First Fix on the capital market.
The company also announced last November the completion of listing the new shares issued to creditors as part of the capital increase through debt conversion, with 18.03 million new shares issued in their favor.
This completed all requirements of the acquisition of the 51% stake in First Fix and finalized the debt conversion transaction in full.
