| Element List | Explanation |
|---|---|
| Announcement Detail | Red Sea International Company (“the Company”) announces, pursuant to Article (65), paragraph (11) of the Rules on the Offer of Securities and Continuing Obligations, that the total value of existing transactions with Al-Dabbagh Group Holding Company (a related party – major shareholders) has exceeded 1% of the Company’s total revenues, in accordance with the latest audited annual financial statements. Details of the related party transaction: The Company obtained an interest-free loan from Al-Dabbagh Group Holding Company (one of the major shareholders), without any interest or fees, for the purpose of covering financing costs. It is noted that the Board members who have an indirect interest in this transaction are: Amr Abdullah Al-Dabbagh (Chairman), Mohammed Husnee Jazeel (Board Member), and Shahad Al-Nejaim(Board Member). The Company confirms that this transaction was conducted in the ordinary course of business and on arm’s length terms. It also complies with the requirements of Article (71) of the Companies Law, as it has been reviewed by the Audit Committee, which confirmed that the loan terms are fair, reasonable, and do not prejudice the interests of the Company or its shareholders. |
