Red Sea for Building Materials and Equipments Trading Company, one of the subsidiaries of Red Sea Housing Services Company, has entered into a shareholders agreement with Sherwin Williams, according to Tadawul website. This development is with reference to the announcement of Red Sea Housing Services Company that was posted on Tadawul on Feb. 6, 2013.
Referring to the expected date to start the full range of production activities in its factory, which is located in the Second Industrial Zone in Jeddah, Red Sea Housing announced that starting from Monday (Sept. 16) the factory has commenced trial production process for the full range of architectural products. The trial production is expected to last between two and three months, and will aim to develop the production process, performance of the factory and overall safety requirements.
The annual production capacity of the factory is expected to reach a total of 25 million liters once the development process is finalized. The financial impact of the commercial production will be reported in the fourth quarter of this year. Any related material information will be announced in due course, the company stated.
Red Sea for Building Materials and Equipments Trading Company owns 81 percent shareholding in Premier Paint Company, while Sherwin Williams owns the remaining 19 percent.
Red Sea trading company in deal with Sherwin Williams
