Riyadh – Mubasher: Red Sea International Co. on Monday confirmed that it was independent of its chairman and his actions, stressing that business was progressing as usual.
The company highlighted that it would continue to operate in accordance with the interest of its shareholders and customers, confirming its commitment to all relevant regulations, according to a bourse a filing.
Red Sea International’s chairman Amr Abdullah Al Dabbagh previously held the position of the Saudi Arabian General Investment Authority (SAGIA).
Al Dabbagh was among the people arrested in Saudi Arabia’s anti-corruption crackdown which began late Saturday and involved the arrest of several current and former ministers as well as many princes including Kingdom Holding Company (KHC) chairman Prince Alwaleed bin Talal.
Red Sea International said it would report any relevant material information in this regard in due time.
Earlier on Monday, Red Sea International Co. said it suffered SAR 12.7 million in losses in the third quarter of 2017 against SAR 10.5 million profits in the year-ago period of 2016.
Red Sea International’s stock closed Monday at a 4.5% rise to SAR 20.7.