-+ 0.00%
-+ 0.00%
-+ 0.00%

Red Sea International Adjusts Timeline for Plan to Write Off Accumulated Losses

MT Newswires·12/30/2025 09:22:56
Listen to the news
09:22 AM EST, 12/30/2025 (MT Newswires) -- Red Sea International (SASE:4230) said Tuesday it now expects to complete the plan to write off its accumulated losses in the first half of 2026, against the initial expectation of before 2025-end. The updated schedule gives the company time to complete the required regulatory process, with its shareholders set to vote on the proposal at an extraordinary general assembly meeting on Jan. 4, 2026. Under the plan, the modular engineering company intends to transfer its entire balance of share premium of 295.7 million Saudi riyals to accumulated losses.