25-06-2025
Red Sea International Announces Its Intention to Conduct Initial Public Offering of Subsidiary
Red Sea International Company has announced its intention to conduct an initial public offering (IPO) for its subsidiary, 'Initial Saudi Group for Electrical Works Ltd.' The company's Board of Directors has approved the material transaction, which remains subject to the approval of Red Sea International's shareholders in accordance with Article (107) of the Rules on the Offer of Securities and Continuing Obligations.
تعلن شركة البحر الأحمر العالمية عن نيتها إجراء طرح عام أولي لشركتها التابعة، شركة التركيبات الأولية للأعمال ال
— Tadawul News (@TadawulFeed) June 25, 2025
In a statement on the Saudi Exchange (Tadawul), the company clarified that, although it will not be selling any of its shares in Initial Saudi Group for Electrical Works Ltd. Moreover, through the IPO, the transaction is considered material due to the significance of the subsidiary to Red Sea International's operations and the impact of the IPO on a key subsidiary.
Accordingly, and in line with Articles (102) to (110) of the Rules on the Offer of Securities and Continuing Obligations, shareholder approval is a prerequisite for the Capital Market Authority's approval of the transaction.
The company confirmed that it will issue a separate invitation to its shareholders to attend a General Assembly meeting to vote on the material transaction. It will also circulate a shareholder circular providing more information about the proposed transaction.
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