Red Sea shareholders approve First Fix IPO

01/09/2025 Argaam
Red Sea says First Fix shareholders plan to offer 12 mln shares in an IPO

Red Sea says First Fix shareholders plan to offer 12 mln shares in an IPO

Red Sea International Co. (RSI) shareholders approved the proposed share sale of its subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), during the ordinary general meeting (OGM) held on Aug. 31.

 

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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 Exchange (Tadawul).

 

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

 

In June, the company announced its plans for an initial public offering (IPO) of its subsidiary First Fix.
 
The transaction is considered material due to the significance of the subsidiary to the company’s operations and the expected impact of the offering on this key subsidiary. 
 
In June 2023, RSI acquired a 51% stake in First Fix for SAR 544.2 million.
 
First Fix was established as a limited liability company in 2015 with more than 190 world class projects delivered through end-to-end solutions that offered integrated design, engineering and construction disciplines of mechanical, electrical & plumbing (MEP).

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