Firm introduced Purple Sea Worldwide The Capital Market Authority issued its approval of its request to extend the corporate’s capital by changing present money owed amounting to roughly 476 million Saudi riyals into shares within the firm.
The corporate defined in a press assertion that the majority of those money owed are because of monetary obligations ensuing from its acquisition of the Preliminary Installations Firm for Electrical Works (First Repair), through which it has a controlling stake of 51 %, noting that the subsidiary is at present engaged on making ready for the preliminary public providing in the marketplace (IPO) on the Saudi monetary market (Tadawul – TASI).
Purple Sea Worldwide added that the money owed additionally embrace a mortgage from one in every of its main shareholders, Al-Dabbagh Holding Group Restricted, value 81 million Saudi riyals, which is a mortgage freed from curiosity or revenue margins. This mortgage displays a supportive place by the Al-Dabbagh Group in the direction of the corporate, stemming from an possession relationship that has spanned greater than thirty years, and confirms its keenness to stabilize the corporate and proceed attaining sustainable development. Al-Dabbagh Group aspires for the debt switch course of to enhance the corporate’s development and allow it to achieve unprecedented ranges of development and enlargement, in a manner that serves the pursuits of all shareholders in the long run.
The corporate acknowledged that the extraordinary basic meeting had accredited, on August 31, 2025, the substantive deal to launch the preliminary set up firm for electrical works, in a step that’s thought-about one of the vital distinguished levels of the group’s strategic enlargement. The corporate believes that the preliminary providing of First Repair will profit the corporate financially and strengthen its asset base and accounting books.
The Main Installations Firm for Electrical Works Restricted is a Saudi closed joint inventory firm established in 2015, and is taken into account one of many main nationwide firms within the mechanical, electrical and plumbing building sector. The corporate has applied greater than 190 international initiatives via built-in options together with design, engineering and implementation, and has greater than 8,000 staff in numerous areas of the Kingdom, and has a powerful report within the Gulf Cooperation Council international locations.
Based on the newest monetary information, in the course of the 12 months 2024, “First Repair” achieved gross sales amounting to 2.6 billion Saudi riyals, in comparison with 2.4 billion riyals in 2023, whereas internet revenue amounted to 246 million Saudi riyals, in comparison with 236 million riyals within the earlier 12 months, which displays a steady and rising monetary and operational efficiency.
Purple Sea Worldwide confirmed that changing debt into shares represents a strategic step aimed toward strengthening the corporate’s monetary construction and elevating capital effectivity, along with supporting operational operations and enlargement in native and regional markets, consistent with sustainable development plans and the Kingdom’s Imaginative and prescient 2030.
The corporate indicated that extra particulars concerning the capital enhance will likely be revealed within the shareholders’ round hooked up to the extraordinary basic meeting invitation, which can embrace all the required information and data for traders and anxious events.
The corporate concluded its assertion by emphasizing its keenness on transparency and governance, saying:
“We worth the belief of our valued shareholders, and we look ahead to sharing extra particulars quickly, consistent with the ideas of disclosure and readability in all our dealings.
