Red Sea’s unit ups facilities secured from Alinma Bank by SAR 30M

Logo of Red Sea International Co. (RSI)

Red Sea International Co.’s (RSI) subsidiary Fundamental Installation for Electric Work Co. Ltd. (First Fix) signed an agreement to increase the limit of the multi-purpose credit facilities secured from Alinma Bank by SAR 30 million.

This brought First Fix’s total facilities with Alinma Bank to SAR 230 million, RSI said in a statement to Tadawul.

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The deal is an annex to the SAR 200 million agreement dated March 31, 2024, signed by both parties. The purpose of these facilities is to issue advance payment bonds, performance bonds, and letters of credit.

The finance term will run until Aug. 30, 2025.

The facilities are guaranteed by a promissory note for the full value of SAR 230 million and another worth SAR 23 million, as corporate guarantees signed by First Fix along with guarantors RSI and MSB Holding.

Two personal guarantees worth SAR 230 million each were offered by Zeyad Alsayegh and Fares AlSaadi.

RSI and MSB Holding are related parties to the agreement, the statement added.