Riyadh — Mubasher: Red Sea International Company has submitted its application to the Capital Market Authority (CMA) to increase the company’s capital through a rights issue valued at SAR 280 million.

The filing follows the board of directors' recommendation previously announced on 16 March 2026.

Under the proposal, the company intends to increase its capital from SAR 482.67 million to SAR 762.67 million. The expansion will be achieved by issuing 28 million ordinary shares at a nominal value of SAR 10 per share.

The capital hike is subject to obtaining the necessary approvals from the regulator and the company's extraordinary general assembly.

The submission on 6 August marks the latest step in the company's plan to restructure its capital base.

Red Sea International stated it will disclose any further material developments regarding the approval process as they occur.

In June, the CMA imposed financial penalties totaling SAR 40,000 on Red Sea International following breaches of the Rules on the Offer of Securities and Continuing Obligations.