Red Sea International, a specialist in modular construction and prefabricated buildings, has sought regulatory approval to raise SAR280 million ($73.7 million) through a rights issue involving 28 million ordinary shares at a nominal value of SAR10 each.

With this move, RSI aims to boost its capital to SAR762.7 million ($201 million) from SAR482.7 million ($127 million), said the company in its filing to Saudi bourse Tadawul.

The company said it had submitted the application this week and will announce further developments in due course.

The capital boost move come close on the heels of its acquiring a prime plot of land in Madinah for the development of a mixed-use project through a 50-year lease agreement with the Madinah Municipality. 

The 63,088-sq-m site is strategically located at the intersection of Omar Bin Al-Khattab Road and Abdul Harith Bin Zaid Al-Dhabi Road, it added.-TradeArabia News Service