Logo of Red Sea International Co. (RSI)
Red Sea International Co. (RSI) shareholders will vote on a proposed transaction related to its subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), during the ordinary general meeting (OGM) on Aug. 31, where 12 million shares, equivalent to 30% of the unit’s capital, are planned to be offered in an initial public offering (IPO) on the Saudi market by the remaining partners. 
Red Sea confirmed it will not sell any shares in the offering and will retain its 51% ownership in First Fix.
The deal is expected to close in H1 2026, subject to market conditions and regulatory approvals, according to the shareholder circular.
First Fix has a capital of SAR 400 million, split into 40 million shares with a nominal value of SAR 10 each.
Red Sea acquired its 51% stake in Frist Fix in June 2023 for SAR 544.2 million in cash, according to Argaam’s data.
Logo of Red Sea International Co. (RSI)
Red Sea International Co. (RSI) shareholders will vote on a proposed transaction related to its subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), during the ordinary general meeting (OGM) on Aug. 31, where 12 million shares, equivalent to 30% of the unit’s capital, are planned to be offered in an initial public offering (IPO) on the Saudi market by the remaining partners.
Red Sea confirmed it will not sell any shares in the offering and will retain its 51% ownership in First Fix.
The deal is expected to close in H1 2026, subject to market conditions and regulatory approvals, according to the shareholder circular.
First Fix has a capital of SAR 400 million, split into 40 million shares with a nominal value of SAR 10 each.
Red Sea acquired its 51% stake in Frist Fix in June 2023 for SAR 544.2 million in cash, according to Argaam’s data.
