Red Sea International Company announces that its subsidiary, The Fundamental Installation for Electric Work Co. has obtained an extension to the Multi-Purpose Funding Facilities.
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Company announces that its subsidiary The Fundamental Installation for Electric Work Co. has signed an
agreement to extend the period of the financial facilities agreement signed with Alinma Bank, for an additional three (3) years, preserving the facility amount at (SAR 230,000,000) Two Hundred Thirty Million Saudi Riyals. It is worth noting that this agreement is an extension of the previous agreement entered into by both parties dated March 31, 2024G which had a value of (SAR 200,000,000) Two Hundred Million Saudi Riyals and has been amended to (SAR 230,000,000) Two Hundred Thirty Million Saudi Riyals on November 10, 2024G. The purpose of these facilities is to issue Advance Payment Bonds, Performance Bonds, and LC facilities. |
| Date of obtaining the funding | 2025-12-14 Corresponding to 1447-06-23 |
| Financing entity | Alinma Bank |
| Financing amount. | (SAR 230,000,000) Two Hundred Thirty Million Saudi Arabian Riyals |
| Financing duration. | till 30/06/2028 |
| Guarantees offered for the financing | 1-Promissory Note: SAR 230,000,000/- signed byThe Fundamental Installation for Electric Work Co. and the guarantors Red Sea
International, MSB Holding One Person Company, Fares Esamet AlSaadi, and Zeyad Jean Alsayegh 2-Promissory Note: SAR 23,000,000/-signed by The Fundamental Installation for Electric Work Co. and the guarantors Red Sea International, MSB Holding One Person Company, Fares Esamet AlSaadi, and Zeyad Jean Alsayegh 3-Personal Guarantee: for SAR 230,000,000/- From: Zeyad Jean Alsayegh. 4-Personal Guarantee: for SAR 230,000,000/- From: Fares Esamet Abd Alsamed AlSaadi. 5-Corporate Guarantee: for SAR 230,000,000/- From: MSB Holding Company One Person Company supported by partners/board Resolutions. 6-Corporate Guarantee: for SAR 230,000,000/- From: Red Sea Internati |
| 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 co |
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