RED SEA HOUSING SUSBIDIARY STARTS TRIAL PRODUCTION OF ARCHITETURCAL FACTORY

Reference to the announcement of Red Sea Housing Services Company that was posted on Tadawul on 06/02/2013 corresponding to 25/03/1434, in which Red Sea for Building Materials and Equipments Trading Company, one of its subsidiaries, has entered into a shareholders agreement with Sherwin Williams, and 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 announces that starting from Monday 16/09/2013 corresponding to 10/11/1434 the factory has commenced trial production process for the full range of architectural products, which is expected to last between two to three months, and will aim to develop the production process, performance of the factory and overall safety requirements. 

The annual production capacity for 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 shall be reported in the fourth quarter of this year. Any related material information will be announced in due course.

It is worth mentioning that Red Sea for Building Materials and Equipments Trading Company owns 81% shareholding in Premier Paint Company, while Sherwin Williams owns the remaining 19%.