RED SEA HOUSING SUBSIDIARY STARTS COMMERCIAL PRODUCTION OF PAINT FACTORY

Reference to the announcement of Red Sea Housing Services Company that was posted on Tadawul on 16-09-2013 corresponding to 10-11-1434 regarding the commencement of experimental production in paint factory for Premier Paint Company, which is owned by Red Sea Building Materials and Equipments Trading Company (the subsidiary company), the company announces that it has finalized the development of the full range of architectural and light industrial range of paint products and has commenced the commercial production on Tuesday 24-12-2013.The financial impact is expected in the fourth quarter of the year 2013.It is worth mentioning that Red Sea Building Materials and Equipments Trading Company owns 81% shareholding in Premier Paint Company, while Sherwin Williams owns the remaining 19%.