Red Sea shareholders ratify contracts for leasing part of Rabigh land

Red Sea International Co.’s shareholders approved the contracts concluded between the company and former board member Saleh Mohammed Awad bin Laden during the ordinary general assembly meeting held on Aug. 16. 

The contract was related to renting a part of a land plot in Rabigh governorate to build a residential complex for employees of companies operating in the region, the company said in a statement to Tadawul. 

Saleh bin Laden is directly interested in the deal, but his board membership ended on May 9, 2021. 

Red Sea said that the annual rent stands at SAR 883,390, noting that the contract has no preferential terms. 

Source : Argaam