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A unit of Saudi Arabia’s Red Sea International has signed a sale and purchase agreement (SPA) to sell its entire stake in the kingdom’s Premium Paints Company for an initial value of 14 million riyals ($3.73 million).
The subsidiary, Red Sea Building Materials and Equipments Trading Co., holds an 81% stake in the paints firm, equivalent to 8,100 shares, which will be sold to the Saudi Industrial Paint Co.
The final price will be determined as per the agreement, executed between the Red Sea subsidiary, along with Sherwin Williams Cayman Islands Company Ltd, which holds a 19% stake in Premium Paints.
(Writing by Bindu Rai, editing by Seban Scaria)
