Saudi Arabia’s modular housing company, Red Sea International, has announced its plan to list its subsidiary, Fundamental Installation for Electric Work Company Limited, which specialises in mechanical, electrical, and plumbing (MEP) services.
The company clarified in a stock market statement that it will not be divesting any shares of the subsidiary. Information regarding the IPO prospectus and listing timeline will be provided after securing all necessary regulatory approvals.
The decision to list Fundamental Installation separately aims to provide the subsidiary with greater operational focus and financial flexibility, allowing it to capitalise on the expanding MEP market, which is being driven by increased construction activity and government initiatives under Saudi Vision 2030. Market observers see this move as a positive step towards promoting company transparency and enabling investors with direct access to a fast-growing sector, thereby increasing overall investor confidence.
