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Red Sea Housing Increases Share Capital by 50 per cent to 600 million


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2014-02-06 12:40:24 - Declares distribution of SAR 75 million as cash dividends

February 6, 2014

The Board of Directors of Red Sea Housing Services Co., a publicly traded company in the Saudi stock market, has recommended the distribution of SAR 75 million as cash dividends for the year 2013. The board also recommended increasing the company’s share capital from SAR 400 million to SAR 600 million through the distribution of 1 bonus share for every 2 owned shares.

The recommendations were discussed during a review of the company’s financial statements conducted at a Board Meeting that was convened on January 20, 2014. The meeting also focused on Red Sea Housing’s corporate strategy and future expansion plans.

“These recommendations come as result of the Boards effort to maximize shareholders’ returns while underlining the

company’s robust financial performance said Mohammed Othman Mallawi, Investor Relations Manager, Red Sea Housing Services Co.

“In addition to supporting the company’s capitalization, the Board’s recommendations also complement our long-term growth strategy of expanding current activities, entering new international markets, investing in the construction materials sector, and engaging in affordable housing sector concluded Mallawi.

Founded in 1976 and listed on the Saudi Stock Exchange (Tadawul) since 2006, Red Sea Housing Services Company is a globally renowned manufacturer of modular and prefabricated buildings. The company last raised its capital from SAR 300 million to SAR 400 million in 2012, consequently bringing up the number of its shares to 40 million.


Contact Information:
Orient Planet PR & Marketing Communications

P. O.Box: 40207, Jeddah 21499
Kingdom of Saudi Arabia

Contact Person:
Alaa Rajeh

Phone: 00966 2 2572300
email: email

Web: www.orientplanet.com



Author:
Mae Fuentebella
e-mail
Web: www.orientplanet.com
Phone: 0097144562888

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