Red Sea International Co., Ltd. (RSI) has announced its intention to issue Saudi riyal-denominated Murabaha sukuk worth SAR 100 million under its sukuk program, as part of efforts to enhance its financial position and support ongoing operations.
In a statement to the Saudi Exchange (Tadawul), the company confirmed the appointment of Tarmeez Capital as the sole arranger responsible for structuring, managing, and offering the sukuk issuance.
The company stated that the proceeds will be used to support working capital requirements and to complete remaining costs related to its restructuring initiatives. These initiatives are aimed at reducing operating expenses, particularly from unprofitable operations outside Saudi Arabia.
It was further noted that the sukuk prospectus will be made available on Tarmeez Capital’s website at a later date, with investors encouraged to review it thoroughly before making any investment decisions.
The company also clarified that this announcement does not represent an offer or invitation to purchase or subscribe to any securities, adding that it will disclose any material developments in line with relevant rules and regulations.