Red Sea International Co. has extended a joint venture agreement between one of its subsidiaries and Brazil-based Direcional Engenharia S.A for two years as of Feb. 2, 2017, the company said in a statement to Tadawul on Monday.
In March 2015, the Saudi developer signed two agreements with the Direcional Engenharia, one of which was a Technical Service Agreement (TSA) to get access to the technical experience and Know-how of developing affordable housing projects.
After evaluating several housing projects and conducting feasibility studies, Red Sea could not identify a viable investment opportunity.
There were no material costs associated with signing the agreement, and Red Sea cannot determine its future financial impact at this time, the statement said.
Be the first to comment
Comments Analysis: