Red Sea unit upsizes SNB facilities to SAR 430.8M

Logo of Red Sea International Co.

Red Sea International Co.’s subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), amended a financing facilities agreement with the Saudi National Bank (SNB), increasing the total facility limit to SAR 430.78 million from SAR 200 million.

In a statement on Tadawul, the company said the financing was obtained on July 28, 2026, and will mature on July 31, 2026.

The facilities are secured by a SAR 430.78 million promissory note signed by First Fix, corporate guarantees totaling SAR 367.46 million from Red Sea and MSB Holding Co., as well as personal guarantees totaling SAR 63.33 million from Fares AlSaadi and Zeyad Alsayegh.

The funds are intended to finance the issuance of performance guarantees, advance payment guarantees, and documentary letters of credit, including both sight and usance LCs.

The company added that MSB Holding is a related party to the agreement.