Red Sea subsidiary inks SAR 375M credit facilities with FAB

 Logo of Red Sea International Co.

Red Sea International Co.’s subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), signed a one-year agreement with First Abu Dhabi Bank (FAB) for financial facilities with a standby limit of SAR 375 million.

The company said in a statement to Tadawul that the facilities aim to provide financing for upcoming projects. It added that the financing is secured by several guarantees, including a SAR 375 million promissory note signed by First Fix, with Red Sea, MSB Holding, Fares AlSaadi, and Zeyad AlSayegh acting as guarantors.

Additional guarantees include a SAR 18.38 million personal guarantee from Zeyad AlSayegh, a SAR 36.75 million personal guarantee from Fares AlSaadi, a SAR 128.63 million corporate guarantee from MSB Holding, supported by partner and board resolutions along with audited financial statements, and a SAR 191.25 million corporate guarantee from Red Sea, also supported by board resolutions and audited financials.

According to Red Sea, First Fix is one of the leading MEP contractors in the local market, delivering world-class projects through integrated design, engineering, and construction services in the mechanical, electrical, and plumbing sectors.

The statement noted that Red Sea and MSB Holding Co. are related parties.