Red Sea International Company has announced that its key subsidiary, The Fundamental Installation for Electric Work Company, has signed an agreement with The Saudi Investment Bank to secure multi-purpose funding facilities worth SAR200 million ($53.3 million).
The facilities, which run for 307 days, will be used to issue advance payment bonds, performance bonds and letters of credit, said Red Sea International Company in its filing to Saudi bourse Tadawul.
The funding is backed by promissory notes and corporate and personal guarantees provided by Red Sea International Company, MSB Holding Company and related guarantors, Fares Esamat Al Saadi and Ziyad Jean Alsayegh, it stated.
The Fundamental Installation for Electric Work is a local market leader and one of the top standalone mechanical, electrical, and plumbing (MEP) contractors delivering world class projects via end to end solutions that provide integrated design, engineering and construction services in the field of MEP works.-TradeArabia News Service
