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Red Sea International Company announces that its subsidiary, The Fundamental Installation for Electric Work Co. Ltd. has obtained an increase in the Facilities 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 160,000,000 (One Hundred Sixty Million Saudi Arabian Riyals), making the total value of the facilities contract SAR 456,107,000 (Four Hundred Fifty-Six Million One Hundred Seven Thousand Saudi Arabian Riyals). It is worth noting that this increase amends the agreement dated January 7, 2024, which had an amount of SAR 196,107,000 (One Hundred Ninety-Six Million One Hundred Seven Thousand Saudi Arabian Riyals), and its amendment dated December 18, 2024, which had an amount of SAR 100,000,000 (One Hundred Million Saudi Arabian Riyals). The purpose of these facilities is to increase the LC limit for financing the importing and purchasing of goods and financing payments of approved invoices related to one of the company's projects. |
| Date of obtaining the funding | 2025-04-23 Corresponding to 1446-10-25 |
| Financing entity | Saudi Awwal Bank (SAB) |
| Financing amount. | (SAR 456,107,000) Four Hundred Fifty-Six Million One Hundred Seven Thousand Saudi Arabian Riyals |
| Financing duration. | till 23/04/2026 G |
| Guarantees offered for the financing | 1-Promissory Note: SAR 456,107,000 /- signed byThe Fundamental Installation for Electric Work Co. Ltd. and the guarantors Red Sea International, MSB Holding One Person Company, Fares Esamet AlSaadi, and Zeyad Alsayegh 2-Personal Guarantee: SAR 22,349,243 /- signed by Zeyad Jean Alsayegh 3-Personal Guarantee: for SAR 44,698,486 /- From: Fares Esamet Abd Alsamed AlSaadi. 4-Corporate Guarantee: for SAR 156,444,701 /- From: MSB Holding Company One Person Company supported by Partners / Board Resolutions, along with auditied financial reports. 6-Corporate Guarantee: for SAR 232,614,570 /- From: Red Sea International Company supported by Partners / Board Resolutions, along with audited financial reports. |
| Financing objective | The purpose of these facilities is to increase LC limit for financing importing and purchasing goods and financing payments of approved invoices related to one of the company's projects. |
| Related Parties | Red Sea International Company & MSB Holding Company |
| Additional Information | The Fundamental Installation for Electric Work Ltd is a local market leader and one of the top standalone MEP contractors delivering world class projects via end to end solutions that provide integrated design, engineering and construction services in the field of mechanical, electrical, and plumbing (MEP) works. |
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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