Red Sea International Co. Announces updates on Increase of the Company’s Capital through Debt Conversion File at CMA
| Element List | Explanation |
|---|---|
| Introduction | Further to the announcement made by Red Sea International Company (the "Company") on the Saudi Stock Exchange (Tadawul) website on 25/09/1445H (corresponding to 04/04/2024G) regarding the submission of a request to increase the Company's capital by way of debt conversion to the Capital Market Authority (the “CMA”) for its approval, the Company is pleased to announce the issuance of the CMA’s approval on 09/04/1447H corresponding to 01/10/2025G, on the Company's request to increase its capital by converting debts due to the Company's relevant creditors, which amount to a total amount of four hundred and seventy-six million and twenty-three thousand eight hundred and twenty-one Saudi riyals (SAR 476,023,821) for the benefit of the relevant creditors.
The Company will complete the procedures for holding the extraordinary general assembly of its shareholders in coordination with the relevant authorities and will announce that at a later time. The shareholders’ circular regarding the capital increase by way of debt conversion will be published in advance of the date of the aforementioned extraordinary general assembly.
The Company will announce any further material developments in relation to this subject in a timely manner as required by the relevant laws and regulations. |
| Date of Announcing the Application on Saudi Exchange’s Website | 2024-04-04 Corresponding to 1445-09-25 |
| Date of Submitting the File | 2024-04-04 Corresponding to 1445-09-25 |
| Application Status at CMA | The Company has obtained the CMA’s approval for the request to increase its capital. |
| Other Substantial Updates | Not applicable |
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