Red Sea International Co. Announces Obtaining a Bank Facilities

Element List	Explanation
Introduction	Red Sea International Company announces that its subsidiary The Fundamental Installation for Electric Work Co. has signed an amendment of the financial facilities agreement signed with Saudi National Bank. It is worth noting that the facilities value, based on the company requirements, has been increased to (SAR 430,780,737) Four Hundred Thirty Million Seven Hundred Eighty Thousand Seven Hundred Thirty-Seven Saudi Riyals after it was (SAR 200,000,000) in the agreement previously signed by both parties dated November 05, 2024 G and its amendments. The purpose of these facilities is to issue Advance Payment Bonds, Performance Bonds, and LC facilities.
Date of obtaining the funding	2026-07-28 Corresponding to 1448-02-14
Financing entity	Saudi National Bank (SNB)
Financing amount.	(SAR 430,780,737) Four Hundred Thirty Million Seven Hundred Eighty Thousand Seven Hundred Thirty-Seven Saudi Riyals
Financing duration.	31/07/2026 G
Guarantees offered for the financing	1-Promissory Note: SAR 430,780,737/- signed byThe Fundamental Installation for Electric Work Co. 2- Corporate Guarantee: for SAR 219,698,175.90/- From: Red Sea International Company supported by partners/board Resolutions 3- Corporate Guarantee: for SAR 147,757,792.80/- From: MSB Holding Company One Person Company supported by partners/board Resolutions. 4 - Personal Guarantee: for SAR 42,216,512.23/- From: Fares Esamet Abd Alsamed AlSaadi. 5-Personal Guarantee: for SAR 21,108,256.11/- From: Zeyad Jean Alsayegh.
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.