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Red Sea International Co. Announces Obtaining a Bank Facilities
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Company announces that its subsidiary The Fundamental Installation for Electric Work Co. has signed an amendment of the financial facilities agreement signed with Saudi National Bank. It is worth noting that the facilities value, based on the company requirements, has been increased to (SAR 430,780,737) Four Hundred Thirty Million Seven Hundred Eighty Thousand Seven Hundred Thirty-Seven Saudi Riyals after it was (SAR 200,000,000) in the agreement previously signed by both parties dated November 05, 2024 G and its amendments. The purpose of these facilities is to issue Advance Payment Bonds, Performance Bonds, and LC facilities. |
| Date of obtaining the funding | 2026-07-28 Corresponding to 1448-02-14 |
| Financing entity | Saudi National Bank (SNB) |
| Financing amount. | (SAR 430,780,737) Four Hundred Thirty Million Seven Hundred Eighty Thousand Seven Hundred Thirty-Seven Saudi Riyals |
| Financing duration. | 31/07/2026 G |
| Guarantees offered for the financing | 1-Promissory Note: SAR 430,780,737/- signed byThe Fundamental Installation for Electric Work Co. 2- Corporate Guarantee: for SAR 219,698,175.90/- From: Red Sea International Company supported by partners/board Resolutions 3- Corporate Guarantee: for SAR 147,757,792.80/- From: MSB Holding Company One Person Company supported by partners/board Resolutions. 4 - Personal Guarantee: for SAR 42,216,512.23/- From: Fares Esamet Abd Alsamed AlSaadi. 5-Personal Guarantee: for SAR 21,108,256.11/- From: Zeyad Jean Alsayegh. |
| Financing objective | The purpose of these facilities is to issue the Advance Payment Bond, Performance Bond, and LC facilities. |
| Related Parties | Red Sea International Company & MSB Holding Company |
| Additional Information | The Fundamental Installation for Electric Work 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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