Red Sea subsidiary inks SAR 167.8M contract

Red Sea International Co.'s subsidiary, The Fundamental Installation for Electric Work Co. Ltd. (First Fix), signed on Aug. 19, a contract worth SAR 167.78 million (VAT inclusive) with Modern Building Leaders Co. (MBL), according to a Tadawul statement.

Under the three-year contract, the subsidiary will carry out supply, installation, testing and operation, along with delivery 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.