A subsidiary of “The Red Sea” Company completes the sale and transfer of its shares in “Premium Paints”
The Red Sea Building Materials and Equipment Trading Company, a subsidiary of the Red Sea International Company, has completed a share sale and purchase agreement to sell its entire 81% stake in the Premium Paints Company.
The Red Sea International Company said in a statement on its website "Saudi Arabia trading": The completion of the status, yesterday, came in preparation for obtaining the necessary approvals from the relevant authorities.
Accordingly, the ownership of shares in the Excellent Paints Company was transferred to the Saudi Industrial Paints Company Limited.
The company explained that the financial impact of this deal will appear in the consolidated financial statements for the fiscal year 2026 AD, which contributes to improving liquidity levels and supporting the company’s strategy of focusing on the most profitable investments.
The company stated that the value of the sale The initial amount is 17.3 million riyals for all shares of the Premium Paints Company. While 81% of the shares are held indirectly by the subsidiary company with an estimated value of 14 million riyals, while a minority shareholder, Sherwin Williams – Cayman Islands, retains 19% of the shares with an estimated value of 3.28 million riyals.
As stated in the previous announcement, this value will be subject to adjustment based on the “final accounts” in accordance with the mechanism stipulated in the agreement concluded between the parties, and the final value will be announced immediately upon the issuance of the final accounts report, which is expected to be approved before the end of the first quarter. From the year 2026 AD.
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