| Introduction | Red Sea International Company (RSI) announces that its subsidiary The Fundamental Installation for Electric Work Co. Ltd. (First Fix) has signed a contract, for the execution of mechanical, electrical, and plumbing (MEP) works with Modern Building Leaders Co. with total value 167 million Saudi Riyals including Value Added Tax |
| Date of Announcement of the Award | 2024-08-19 Corresponding to 1446-02-15 |
| Contract Subject Matter | Engineering, Procurement, and Construction of MEP works |
| The Entity with Which the Contract was Signed | Modern Building Leaders Co. |
| Date of Signing the Contract | 2024-08-19 Corresponding to 1446-02-15 |
| Contract Value | SAR 167,783,373 (incl. VAT) |
| Contract Details | First Fix a subsidiary of Red Sea International, has signed a contract for a period of 36 months with Modern Building Leaders Co., one of the largest contracting companies in the Kingdom, for the engineering, supply, installation, testing, commissioning, and handing-over of MEP works for one of its projects. |
| Contract Duration | Thirty-Six (36) months |
| Financial Impact and the Relevant Period | The financial impact of the contract is expected to be reflected in the third quarter of the current financial year |
| Related Parties | Red Sea International Company & MSB Holding Company |
| Additional Information | First Fix is a local market leader and one of the top standalone MEP contractors delivering world class projects via end-to-end solutions that provide integrated design, engineering, and construction services in the field of MEP works. |
