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Red Sea International Company announces that its subsidiary The Fundamental Installation for Electric Work Co. Ltd. has obtained additional financing from Saudi Awwal Bank (SAB)
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Company announces that its subsidiary, The Fundamental Installation for Electric Work Co. Ltd. has signed an agreement to increase the limit of financial facilities with Saudi Awwal Bank (SAB) by an amount of SAR 65 million, for a total value of SAR 196.107 million. As a reminder, The Fundamental Installation for Electric Work Co. Ltd. signed a facilities contract earlier in September 2023, to issue the final guarantee and the advance payment guarantee for The AMAALA Triple Bay - Integrative Wellness Resort & Medical Residence. The additional financing is targeted towards funding the purchase and import of goods for the aforementioned project in addition to payroll financing. |
| Date of obtaining the funding | 2024-03-03 Corresponding to 1445-08-22 |
| Financing entity | Saudi Awwal Bank (SAB) |
| Financing amount. | SAR 196.107 million |
| Financing duration. | a) Advance Payment Bond: shall be valid till November 16, 2024 (or upon Advance Payment recovery by the Employer) b) Performance Bond: 24 months (knowing that it may be extended till the end of the DNP i.e. 2026) c) Payroll Financing: No specific duration. d) LC’s: one (1) year from the date of the offer letter (7-Jan-2024 till 7-Jan-2025) |
| Guarantees offered for the financing | 1. Promissory Note: SAR 196,107,000 signed by The Fundamental Installation for Electric Work Co. Ltd. and the guarantors 2. Corporate Guarantee: SAR 100,014,570 from Red Sea International Company, supported by partners/board resolutions 3. Corporate Guarantee: SAR 67,264,701 from MSB Holding Company (a single member LLC), supported by partners/board resolutions 4. Personal Guarantee: SAR 19,218,486 from Fares Esamet Abd Alsamed AlSaadi 5. Personal Guarantee: SAR 9,609,243 from Zeyad Alsayegh. |
| Financing objective | The additional financing is targeted towards funding the purchase and import of goods for The AMAALA Triple Bay - Integrative Wellness Resort & Medical Residence, in addition to payroll financing. |
| Related Parties | Red Sea International Company and MSB Holding Company |
| Additional Information | The Fundamental Installation for Electric Work Ltd is a local market dealer delivering world class projects via end-to-end solutions that provide integrated design, engineering and construction disciplines of mechanical, electrical & plumbing (MEP) through people, innovation and passion. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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