Riyadh – Mubasher: Red Sea International Company has signed a facility agreement worth SAR 35 million with Saudi British Bank (SABB).

The company obtained the loan on 18 August 2022 to finance its projects, according to a bourse filing.

Meanwhile, the 54-month financing is secured by proceeds of projects and a promissory note.

Red Sea International recently announced that its accumulated losses shrank to 0% of its capital.

The Saudi listed firm registered accumulated losses worth SAR 298 million as of 31 March 2022, representing 49.67% of the SAR 600 million capital.