“Red Sea” postpones the completion of writing off accumulated losses until the first half of 2026
Red Sea International Company expected to complete the procedures of its strategic plan to write off its accumulated losses during the first half of the year 2026 AD, in light of scheduling the company’s extraordinary general assembly at the beginning of the first quarter of next year.
The company explained, in a statement on the “Saudi Tadawul” website, that the extraordinary general assembly will be held on 07-15-1447 AH, corresponding to 01-04-2026 AD, during which a vote will be taken on the full transfer. The balance of the share issuance premium, amounting to 295,693,911 riyals, was transferred to the accumulated losses.
The company confirmed that this amendment is limited to the time frame for completing the regulatory procedures only, stressing its full commitment to moving forward with the implementation of its strategic plan aimed at supporting its financial position and achieving its stated goals.
It indicated that it will announce any fundamental developments related to the implementation of the plan at the time, in compliance with the approved disclosure rules.
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