Riyadh - Mubasher: The Fundamental Installation for Electric Work Company, a subsidiary of Red Sea International Company, has inked a SAR 200 million multi-purpose funding agreement with the Saudi Investment Bank (SAIB).
The 307-day facilities will be used to issue advance payment bonds, performance bonds, and letters of credit (LCs), according to a bourse filing.
Meanwhile, the financing is secured through a combination of promissory notes, corporate guarantees, and personal guarantees.
The subsidiary, along with guarantors including Red Sea International, MSB Holding Company, Fares Esamat Al Saadi, and Ziyad Jean Alsayegh, signed a promissory note covering the full SAR 200 million.
Additionally, Red Sea International provided a corporate guarantee of SAR 102 million, while MSB Holding contributed a corporate guarantee of SAR 68.60 million, both supported by partners and board resolutions.
Furthermore, personal guarantees of SAR 19.60 million and SAR 9.80 million were provided by Fares Esamet Abd Alsamed Al Saadi and Ziyad Jean Alsayegh, respectively.
Earlier this month, the Fundamental Installation for Electric Work Company signed a SAR 220 million contract with Al Arab Hospital Company Limited to construct a 19-storey hospital with two basements in South Obhur, Jeddah.
