Saudi Red Sea International plans IPO of MEP subsidiary
Saudi Arabian modular house manufacturer Red Sea International has announced its intention to float its subsidiary, Fundamental Installation for Electric Work Company Limited, a mechanical, electrical, and plumbing (MEP) contractor.
Red Sea will not be selling any of its shares in the subsidiary, a bourse statement said. The prospectus relating to a potential IPO and listing details will be disclosed when Red Sea has secured the necessary regulatory approvals, it added.
(Writing by Brinda Darasha; editing by Seban Scaria)
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