Red Sea International Company announces that its subsidiary, Primary Electrical Installations Company Limited, has signed a construction contract with Modern Construction Leaders Company.

RED SEA

4230.SA

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item	clarification
introduction	Red Sea International Company announces that its subsidiary, Primary Electrical Installations Company Limited, has signed an engineering, procurement and construction services contract for mechanical, electrical and plumbing works with Leaders of Modern Construction Company, with a total value of 167 million Saudi Riyals, including VAT.
Award announcement date	1446-02-15 corresponding to 2024-08-19
Subject of the contract	Implementation of engineering, procurement and construction works for electrical and mechanical works
The party with whom the contract was signed	Modern Construction Leaders Company
Contract signing date	1446-02-15 corresponding to 2024-08-19
Contract value	167,783,373 Saudi Riyals (including VAT)
Contract Details	First Fix Electrical Installations Co. Ltd., a subsidiary of Red Sea International, has signed a 36-month contract with Modern Construction Leaders, one of the largest contracting companies in the Kingdom, for engineering, supply, installation, testing, commissioning and handover of mechanical, electrical and plumbing works for one of its projects.
Contract duration	Thirty-six (36) months
Financial impact and the period over which it will be reflected	The financial impact of the contract is expected to be reflected in the third quarter of the current fiscal year.
Related Parties	Red Sea International Company and Meem Sin Baa Holding Company
Additional information	Primary Electrical Installations Co. Ltd. is a leading local market leader and one of the best independent MEP contractors delivering world class projects through comprehensive solutions providing integrated design, engineering and construction services in the field of mechanical and electrical works.

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