Search Site

Trends banner

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

RSI buys stake in First Fix

The deal will help the company acquire electromechanical and civil construction operations. (Twitter)
  • The selling shareholders will receive a deferred sum of US$78.4 million upon the fulfilment of certain relevant conditions.
  • Red Sea International will have the option to capitalize debt through the issuance of additional shares in First Fix.

RIYADH, SAUDI ARABIA – Red Sea International (RSI) has met all conditions required to complete the transfer of 51 percent of fundamental Installation for Electric Work Co. Ltd. (First Fix).  

All purchased shares were transferred from the seller to RSI on October 1 2023, according to a statement to Tadawul. 

The deal value will be funded in two tranches, with the first tranche worth US$66.6 million (SAR 250 million), paid in cash at the acquisition’s closing from the company’s resources, the statement added.  

The selling shareholders will receive a deferred sum of US$78.4 million (SAR 294.17 million) upon the fulfillment of certain relevant conditions.  

Under the transaction, RSI will have the option to capitalize debt through the issuance of additional shares in First Fix, representing the deferred consideration, subject to regulatory and corporate approval. 

The deal will help the company acquire electromechanical and civil construction operations.

The acquisition will positively reflect on both firms.