Red Sea subsidiary seals SAR 1.5B contract with MBL

Logo of Red Sea International Co.

Red Sea International Co.’s subsidiary, The Fundamental Installation for Electric Work Co. Ltd. (First Fix), signed a contract with Modern Building Leaders Co. (MBL) to implement mechanical, electrical and infrastructure works at one of the latter’s projects.

 

In a Tadawul filing today, Sept. 17, Red Sea said the 19-month agreement is valued at about SAR 1.52 billion (VAT exclusive). The contract was signed on July 11, 2024.

 

For more news and details on the projects

 

The relevant financial impact will be reflected starting from Q3 2024, it indicated, noting that Red Sea and MSB Holding Co. are related parties to the deal.

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