Red Sea files for capital hike through debt conversion

04/04/2024 Argaam

Red Sea files for capital hike through debt conversion

Logo of Red Sea International Co.

Red Sea International Co. applied with the Capital Market Authority (CMA) to raise capital said through debt conversion, according to a Tadawul filing today, April 4.

 

The capital hike will be carried out by capitalizing debt owed to Al-Dabbagh Group Holding Co. and converting SAR 476.02 million in debt from the acquisition of the Fundamental Installation for Electric Work Co. Ltd. (First Fix).

 

The company noted that it will announce any further material developments in this regard in a timely manner as required by the relevant laws and regulations.

 

Red Sea recently amended the amount entailed under its debt conversion plan for its capital increase has been amended to capitalize SAR 476.02 million in debt (the capital hike) instead of SAR 374.23 million formerly, according to Argaam's data.

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