Red Sea shareholders to vote on floating 30% of First Fix on Aug. 31

Logo of Red Sea International Co. (RSI)

Red Sea International Co. (RSI) shareholders will vote on a proposed transaction related to its subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), during the ordinary general meeting (OGM) on Aug. 31.

In a statement to Tadawul, the company stated that First Fix shareholders plan to offer 12 million shares, equivalent to 30% of capital, in an initial public offering (IPO) on the Saudi market.

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Red Sea confirmed it will not sell any shares in the offering and will retain its 51% majority stake in First Fix.

The deal is expected to close in H1 2026, subject to market conditions and regulatory approvals, according to the shareholder circular.

First Fix’s capital stands at SAR 400 million, split into 40 million shares with a nominal value of SAR 10 each.

Red Sea acquired its 51% stake in First Fix in June 2023 for SAR 544.2 million in cash, according to Argaam’s data.

Shareholder Circular