Red Sea International Company announces the renewal of Islamic Multi-Purpose Funding Facilities Agreement by its subsidiary, The Fundamental Installation for Electric Work Co. Ltd.
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Company announces that its subsidiary The Fundamental Installation for Electric Work Co. Ltd. has signed an agreement with Riyad Bank to renew the previous facilitities agreement signed on 07/04/2021 which expired on 07/04/2024. It was agreed to renew the Islamic faciltiies granted to The Fundamental Installation for Electric Work Co. Ltd. in an amount of (SAR 237,875,000) Two Hundred Thirty-Seven Million Eight Hundred Seventy-Five Thousand Saudi Arabian Riyals for three (3) more years starting from 06/08/2024 to 06/08/2027. |
| Date of obtaining the funding | 2024-11-13 Corresponding to 1446-05-11 |
| Financing entity | Riyad Bank |
| Financing amount. | (SAR 237,875,000) Two Hundred Thirty-Seven Million Eight Hundred Seventy-Five Thousand Saudi Arabian Riyals |
| Financing duration. | from 13/11/2024 to 06/08/2027 |
| Guarantees offered for the financing | 1- Promissory Note: SAR 250,000,000/- signed byThe Fundamental Installation for Electric Work Co. Ltd. and the guarantors:
a) MSB Holding One Person Company, for SAR 250,000,000 b) Innovative Contractors for Advanced Dimensions, for SAR 250,000,000 c) Red Sea International Company, for SAR 250,000,000 d) Mohammed Saleh Mohammed Binladin, for SAR 250,000,000 e) Zeyad Alsayegh, for SAR 12,250,000 2- Personal Guarantee: for SAR 237,875,000/- from: Mohammed Saleh Mohammed Binladin 3- Personal Guarantee: for SAR 11,655,875/- from: Zeyad Alsayegh. 4- Corporate Guarantee: for SAR 237,875,000/- From: Innovative Contractors for Advanced Dimensions Company supported by Partners'/board Resolutions. 5- Corporate Guarantee: for SAR 237,875,000/- From: MSB Holding Company One Person Company supported by Partners'/board Resolutions. 6- Corporate Guarantee: for SAR 237,875,000/- From: Red Sea International Company supported by Partners'/board Resolutions. |
| Financing objective | The purpose of this Funding is to issue the Bonds (Bid Bond, Advance Payment Bond, Performance Bond, Retention Bond) in addition to LC Facilities and PPF. |
| Related Parties | Red Sea International Company & MSB Holding Company |
| Additional Information | The Fundamental Installation for Electric Work Ltd is a local market leader and one of the top standalone MEP contractors delivering world class projects via end to end solutions that provide integrated design, engineering and construction services in the field of mechanical, electrical, and plumbing (MEP) works. |
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