ARTEX approves subscription to raise associate capital by SAR 15.6M

Logo of ARTEX Industrial Investment Co.

ARTEX Industrial Investment Co.’s board of directors approved on July 24, subscribing to the capital increase of Red Sea Cables Co. to preserve its 27% ownership stake. The subscription amounts to SAR 15.55 million through 864,000 shares.

In a statement on Tadawul, ARTEX said the move aligns with its strategy to preserve value-generating investments and support the growth of high-performing affiliates.

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Red Sea Cables has shown positive financial indicators and operational expansion, the company noted.

The statement also clarified that ARTEX’s Chairman Sulaiman Al-Abdullatif, also serves as Red Sea Cables Chairman.

The decision was made in accordance with the company’s conflict-of-interest policy, with the related party abstaining from voting, and no preferential terms were involved.

ARTEX added that it will disclose any material developments related to this matter in due course.