Red Sea subsidiary inks SAR 253M construction contract

Red Sea International Co.'s subsidiary, The Fundamental Installation for Electric Work Co. Ltd., signed today, Aug. 14, a contract worth SAR 253.09 million (VAT inclusive) with Modern Building Leaders Co. (MBL), according to a Tadawul statement.

Under the 564-day contract, the subsidiary will carry out the supply, installation, testing, and calibration of mechanical, electrical, and plumbing works at one of MBL's projects.

The relevant financial impact will appear as of Q3 2024, the statement said, adding that the related parties are Red Sea International and MSB Holding Co.