Logo of Red Sea International Co.
Red Sea International Co. (RSI) concluded, on July 31, the sale of the fractional shares resulting from the company’s capital reduction.
The company sold 63,497 shares at an average price of SAR 25.87 apiece, according to a bourse filing. Total proceeds from the sale stood at SAR 1.64 million.
The real estate developer added that that it was unable to distribute the sale proceeds to eligible shareholders during the period mentioned in the circular, which is set within 30 days from the shareholders’ approval date in the extraordinary general meeting (EGM).
The relevant procedures with the bank appointed for the transfer of these proceeds were not completed.
RSI expected to disburse the sale proceeds on Sept. 13.
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