Riyadh - Mubasher: The Fundamental Installation for Electric Work Company, a subsidiary of Red Sea International Company, has secured extensions to its multi-purpose funding facilities with Alinma Bank and Riyad Bank.
The two facilities aim to issue advance payment bonds, performance bonds, and letters of credit (LC), according to two separate bourse disclosures.
Under the Alinma Bank agreement, the facility of SAR 230 million will be extended for three years until 30 June 2028.
Guarantees for the facility include promissory notes, corporate guarantees from MSB Holding One Person Company and Red Sea International, and personal guarantees.
Meanwhile, the Riyad Bank financing, initially SAR 237.87 million and adjusted to SAR 209.57 million, will be extended for three years until 20 October 2028.
It is secured by promissory notes from MSB Holding, Innovative Contractors for Advanced Dimensions, Red Sea International, and personal guarantees.
In October 2025, the listed company's unit secured financial facilities from First Abu Dhabi Bank (FAB), with a standby limit of SAR 375 million.
