Riyadh — Mubasher: The Fundamental Installation for Electric Work Company (First Fix), a subsidiary of Red Sea International Company, has signed a revised financial facility agreement with Saudi National Bank (SNB).
Under the terms of the amendment, the total value of the credit facility has been increased to SAR 430.78 million, according to a bourse disclosure.
The new funding was expanded from the previous limit of SAR 200 million as established in the original agreement dated 5 November 2024.
The financing is intended to support First Fix’s operational requirements, specifically for the issuance of final letters of guarantee, advance payment guarantees, and the funding of both sight and deferred letters of credit.
Moreover, the facility is secured by a promissory note for the full amount of SAR 430.78 million signed by First Fix.
Additional security for the credit line includes corporate guarantees from Red Sea International totaling SAR 219.70 million and MSB Holding Company amounting to SAR 147.76 million.
Personal guarantees were also provided by Fares Esmat Abdel Samad Al Saadi for SAR 42.22 million and Ziad Jean Al Sayegh for SAR 21.11 million.
It is worth noting that First Fix operates as an independent mechanical, electrical, and plumbing contractor providing integrated design and construction services.
