Red Sea International Co. Announces an update on Red Sea International announces the purchase of 51% of the total capital of First Fix Primary Installation Company for Electrical Works Ltd. for a cash consideration of SAR 544,170,000.
With reference to the announcement made by Red Sea International Company (the "Company") on the Saudi Exchange website, that the Company has signed an agreement with the selling partners of Primary Installation Electrical Works Company Limited ("First Fix") regarding the acquisition of a 51% stake in the share capital of First Fix (the "Acquisition Agreement"), the Company would like to announce that there will be a change in the identity of the parties involved in the Transaction.
Previous Announcement
Red Sea International announces the purchase of 51% of the total capital of First Fix Primary Installation Company for Electrical Works Ltd. for a cash consideration of SAR 544,170,000.
Date of Previous Announcement on Saudi Exchange’s Website
2023-06-12 Corresponding to 1444-11-23
Hyperlink to the Previous Announcement on the Saudi Exchange Website
The Company has signed two agreements to amend the terms of the Acquisition Agreement. These two agreements were executed by relevant parties where part of sellers of First Fix have assigned a share of their consideration to third parties. As the Acquisition Agreement included a clause stating that the Agreement could only be amended after obtaining the consent of all parties, the Company gave its written consent to the parties by signing both agreements. The agreements included a requirement that the assignees’ rights the under the agreements must be satisfied through the capitalization of the debts expected to be completed during the previously announced debt conversion transaction. The Company will not incur any additional financial liability as a result of this development.
The costs associated with the event, and if they have changed or not with indication of the reasons.
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