Red Sea subsidiary renews SAR 200M credit facilities with SNB

Logo of Red Sea International Co.

Red Sea International Co. announced that its subsidiary, the Fundamental Installation for Electric Work Co., signed a financial facilities agreement with Saudi National Bank (SNB), renewing the previous agreement for one year.

In a statement to Tadawul, the company said that at its request, the facility limit was reduced to SAR 200 million from SAR 280 million under the previous agreement dated Nov. 5, 2024.

The company noted that the financing was obtained today, Jan. 14, 2026, adding that it and Meem Seen Ba Holding Co. are related parties.

The collateral provided for the financing includes a SAR 200 million promissory note issued by the Fundamental Installation for Electric Work, a SAR 102 million corporate guarantee from Red Sea supported by partners’ board resolutions, and a SAR 68.6 million corporate guarantee from MSB Holding Co., a single-person company, supported by partners’ board resolutions.

The guarantees also include personal guarantees of SAR 19.6 million from Fares AlSaadi and SAR 9.8 million from Zeyad Alsayegh.

The company said the facilities will be used to issue final performance and advance payment guarantees, as well as to finance standard letters of credit, both at sight and deferred.