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Red Sea International secures SAR 35m loan from SABB

Red Sea International secures SAR 35m loan from SABB
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SAB
1060
-4.31% 32.40 -1.46
RED SEA
4230
-17.22% 39.72 -8.26

Riyadh – Mubasher: Red Sea International Company has signed a facility agreement worth SAR 35 million with Saudi British Bank (SABB).

The company obtained the loan on 18 August 2022 to finance its projects, according to a bourse filing.

Meanwhile, the 54-month financing is secured by proceeds of projects and a promissory note.

Red Sea International recently announced that its accumulated losses shrank to 0% of its capital.

The Saudi listed firm registered accumulated losses worth SAR 298 million as of 31 March 2022, representing 49.67% of the SAR 600 million capital.