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Red Sea proposes 280M riyal share issuance
The Red Sea International Company announced that it has submitted an official request to the Saudi Capital Market Authority to increase its capital. The aim is to raise the capital from approximately 482.67 million SAR to 762.67 million SAR through the issuance of priority rights shares, thereby raising an additional 280 million SAR. The increase process involves offering 28 million shares with a nominal value of 10 SAR per share. This measure is intended to strengthen the company's financial position and fund expansion and investment plans. The steps for approval require careful review and regulation by the relevant authorities to ensure compliance with market regulations and policies. If the necessary approvals are obtained, this change is expected to significantly impact the company's capital structure.
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