Red Sea International Company announces that its subsidiary, The Fundamental Installation for Electric Work Co. has obtained an extension to the Multi-Purpose Funding Facilities.
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Company announces that its subsidiary The Fundamental Installation for Electric Work Co. has signed an agreement to extend the period of the financial facilities agreement signed with Riyad Bank, for an additional three (3) years. It is worth noting that the facilities value, based on the company requirements, has been reduced to (SAR 209,573,000) Two Hundreed Nine Million Five Hundred Seventy-Three Thousand Saudi Riyals after it was (SAR 237,875,000) in the agreement previously signed by both parties dated November 13, 2024 G. The purpose of these facilities is to issue Advance Payment Bonds, Performance Bonds, and LC facilities. |
| Date of obtaining the funding | 2025-12-14 Corresponding to 1447-06-23 |
| Financing entity | Riyad Bank |
| Financing amount. | (SAR 209,573,000) Two Hundred Nine Million Five Hundred Seventy-Three Thousand Saudi Arabian Riyals |
| Financing duration. | till 20/10/2028 G |
| Guarantees offered for the financing | Promissory Note: SAR 217,374,000/- signed byThe Fundamental Installation for Electric Work Co. and the guarantors:
a) MSB Holding One Person Company, for SAR 217,374,000 b) Innovative Contractors for Advanced Dimensions, for SAR 217,374,000 c) Red Sea International Company, for SAR 217,374,000 d) Mohammed Saleh Mohammed Binladin, for SAR 217,374,000 e) Zeyad Alsayegh, for SAR 10,651,326 |
| Financing objective | The purpose of these facilities is to issue the Advance Payment Bond, Performance Bond, and LC facilities. |
| Related Parties | Red Sea International Company & MSB Holding Company |
| Additional Information | The Fundamental Installation for Electric Work 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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