Red Sea International appoints financial advisor on capital hike via debt conversion

29/10/2023 Argaam

Red Sea International appoints financial advisor on capital hike via debt conversion

Logo of Red Sea International Co.

Red Sea International Co. appointed Al Rajhi Capital as financial advisor on its prospective capital hike through debt conversion, the company said in a statement to Tadawul today, Oct. 29.

 

An announcement will be made when the capital increase request is filed with the Capital Market Authority (CMA). Any future developments will also be revealed in due course, the statement added.

 

According to data compiled by Argaam, last August, Red Sea International’s board of directors recommended increasing capital through converting SAR 80.23 million worth of debt owed to Al-Dabbagh Group, as well as capitalizing SAR 294 million in debt from the acquisition of Fundamental Installation for Electric Work Co. Ltd. (First Fix).

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