Riyadh – Mubasher: Red Sea International Company intends to increase its capital by 58% through a rights issue, subject to the approval of the extraordinary general meeting (EGM) and other relevant approvals, according to a bourse filing.

The company’s board recommended, during its 16 March 2026 meeting, raising the capital by SAR 280 million to support the future expansion plans and projects in terms of financing and implementation while enhancing the working capital to strengthen Red Sea International’s financial position.

According to the latest data on the Saudi Exchange (Tadawul), the current capital stands at SAR 482.67 million; therefore, it will be increased to SAR 762.67 million.

The board’s recommendation is also subject to the approval of the relevant regulatory authorities.

Alinma Capital Company has been appointed as the financial advisor for the rights issue and the submission of the capital increase application.

Red Sea International noted that an announcement will be made when the capital increase application file is submitted to the Capital Market Authority (CMA) as well as any future developments in this regard.

It is worth noting that the subsidiary Fundamental Installation for Electric Work Company entered into two agreements with Al Arab Hospital Company Limited and the Saudi Investment Bank (SAIB) earlier in 2026.