Red Sea subsidiary signs SAR 200M credit facility agreement with SAIB

Logo of Red Sea International Co.

Red Sea International Co.’s (RSI) subsidiary, Fundamental Installation for Electric Work Co., signed today, Jan. 18, a financial facilities agreement worth SAR 200 million with The Saudi Investment Bank (SAIB).

In a Tadawul statement, the company said the facilities were obtained today for a duration of 307 days.

The facilities, secured by a SAR 200 million promissory note signed by Fundamental Installation for Electric Work Co. and guarantors Red Sea International Co., MSB Holding Co., Fares Esamat Al Saadi, and Ziyad Jean Alsayegh; a SAR 102 million irrevocable continuing corporate guarantee from Red Sea International Co., supported by partners/board resolutions; a SAR 68.6 million irrevocable continuing corporate guarantee from MSB Holding Co. One Person Company, supported by partners/board resolutions; a SAR 19.6 million personal guarantee from Fares Esamat Abd Alsamed Al Saadi; and a SAR 9.8 million personal guarantee from Ziyad Jean Alsayegh, will finance Advance Payment Bonds, Performance Bonds, and standard letters of credit.

Related parties in the deal include Red Sea International Co. and MSB Holding.