Red Sea International Company (SASE:4230) entered into an agreement to acquire 51% stake in Fundamental Installation For Electric Work Co Ltd from MSB Holding Co., Fares Esmat Al Saady and Ziad Jan Alsayegh for approximately SAR 540 million on June 9, 2023. The consideration was paid for a total transaction value of SAR 544.17 million. The acquisition was funded over two tranches; (i) an initial consideration worth SAR 250 million was paid in cash at the closing of the deal from Red Sea International's own resources, and (ii) SAR 294.17 million deferred consideration will be settled within four months, subject to satisfaction of certain conditions. Red Sea International said it has the option to capitalize the debt representing the second tranche by issuing additional shares in First Fix, subject to regulatory and corporate approvals. On September 28, 2023, Red Sea International signed an agreement with Al Rajhi Bank to secure SAR 330 million to finance the acquisition of a 51% stake in First Fix, in addition to a SAR 250 million loan to settle the deal cash consideration. First Fix reported net profit of SAR 148 million in 2022.

Red Sea International Company (SASE:4230) completed the acquisition of 51% stake in Fundamental Installation For Electric Work Co Ltd from MSB Holding Co., Fares Esmat Al Saady and Ziad Jan Alsayegh on October 1, 2023. Al Rajhi Capital Company acted as financial advisor to Red Sea International Company.