Red Sea International unit renews SAR 439.6M banking facilities

Red Sea International Co.’s subsidiary, the Fundamental Installation for Electric Work Co. (First Fix), signed two financial facilities agreements with Alinma Bank and Riyad Bank, at a total value of SAR 439.6 million, according to two separate statements to Tadawul.

The first agreement, signed with Alinma Bank, runs until June 30, 2028, and renews a previous agreement for a period of three years, while maintaining the credit limit of SAR 230 million.

The second agreement runs until Oct. 20, 2028, and includes the renewal of a previous agreement for a period of three years.

The value of the facilities was reduced to SAR 209.6 million at the company’s request, from SAR 237.9 million under the previous agreement dated Nov. 13, 2024.