Red Sea eyes IPO of subsidiary First Fix
Red Sea International Co. (RSI) announced today, June 25, it plans for an initial public offering (IPO) of its subsidiary Fundamental Installation for Electric Work Co. Ltd. (First Fix).
In a statement to Tadawul, RSI said the board, on June 23, agreed on a material deal, which remains subject to the shareholders' approval.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
31 minutes ago
- Argaam
Masar OKs Dinar Financial's acquisition of SAR 235M land plots
Shareholders of Umm Al Qura for Development and Construction Co. (Masar) approved the transactions and contracts concluded in 2024 with Dinar Financial Co., its subsidiaries, or affiliated investment funds, during the extraordinary general meeting (EGM) held on June 25. In a statement to Tadawul, the company stated that the transactions involved Dinar Financial acquiring two residential land plots within the Masar project. The sale, valued at SAR 235.05 million, was executed in accordance with the procedures outlined in the company's governance regulations and the Companies Law. The EGM also approved all other agenda items, the statement added.
Argaam
2 hours ago
- Argaam
Housing Ministry launches EOI for Dammam Boulevard project
The Ministry of Municipal and Rural Affairs and Housing, in cooperation with the Eastern Province Municipality's development arm, Asharq Development Co., and the National Center for Privatization, launched the expression of interest (EOI) phase for the King Fahd Suburb Boulevard project in Dammam. The deadline for submissions is July 16, 2025. The ministry pointed out that the project will be developed under a public-private partnership (PPP) model, through a 30-year contract covering design, construction, financing, operation, maintenance, and transfer, the Saudi News Agency reported. The project spans a total area of approximately one million square meters and will be carried out in two phases. It includes the development of a four-kilometer main boulevard surrounded by a mixed-use zone and green spaces extending over 7.3 kilometers. According to data compiled by Argaam, Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail launched the King Fahd Suburb Boulevard development project in March 2021 in partnership with the private sector.
Argaam
11 hours ago
- Argaam
DGA says new govt contracts up 19% to SAR 38B in 2024
The Digital Government Authority (DGA) stated, in its report on government spending for ICT services in 2024, that the value of new government contracts reached approximately SAR 38 billion, marking a 19% increase compared to 2023. According to the report, there was a notable rise in government spending on AI products, emerging technologies, and cloud computing. Government entities also achieved estimated savings of SAR 1 billion in 2024 through applying spending efficiency practices and improving budget and procurement management. Additionally, purchase orders under framework agreements surged by 157%, reaching SAR 4.47 billion through 9,457 purchase orders. The report also highlighted a rise in government contract values across several sectors in 2024, most notably healthcare and social development, defense, infrastructure, transport, public administration, education. Spending increased in the following sectors, security and regional administration, healthcare and social development, infrastructure and transport, military, and education.
