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Red Sea International Co. Announces Obtaining a Financing Facility and draw down of loan.
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International would like to announce the signing of financing facilities contract with the Rajhi Bank of 330 million Saudi riyals, out of this facility, the company has secured a loan amounting to SAR 250 Million to finance the acquisition of 51% shares of the Fundamental Installation for Electric Work Company Ltd. (First Fix as announced on 12th June 2023 (23/11/1444 H). |
| Date of obtaining the funding | 2023-09-28 Corresponding to 1445-03-13 |
| Financing entity | Al Rajhi Bank |
| Financing amount. | SAR 330 million. |
| Financing duration. | The facilities contract will be valid for till the completion of the acquisition with 7 years repayment. |
| Guarantees offered for the financing | "Securities over the following: 1- Pledge shares in a sister company. 2- Pledge of Red Sea International shares in the acquired entity (First Fix). 3- Assignment of project proceeds to cover loan annual repayment amount, including the interest. 4- The company has also provided a Promissory note pursuant to the agreement guaranteed by one of the sister companies." |
| Financing objective | As announced on 12th June 2023 (23/11/1444 H), Red Sea International will acquire 51% of Fundamental Installation for Electric Work Company Ltd. (First Fix) shares. The company has obtained a loan of SAR 250M to cover the purchase agreement's cash portion. |
| Related Parties | "AL Dabagh Holding Group, Al Tanmiah Commercial Group and Petromin Corporation" |
| Additional Information | None. |
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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