A subsidiary of “Red Sea International” signs a financing agreement with “SNB” for 280 million riyals

Red Sea International announced that its subsidiary, Primary Installations for Electrical Works Limited, has signed a financing and banking services agreement with the Saudi National Bank, where it was agreed to grant Primary Installations for Electrical Works Limited financing and Islamic banking services for a total amount of 280 million riyals.

The company said in a statement that the purpose of this financing/banking services is to issue guarantees that may be required in upcoming projects (initial guarantee, guarantee against advance payment, final guarantee, guarantee for implementation of works) in addition to deferred documentary credits.

Regarding the guarantees provided for the financing, the company said that they are:

1- Promissory note: 280 million riyals signed by Primary Installations for Electrical Works Limited and the guarantors.

2- Corporate guarantee: in the amount of 142.8 million riyals from Red Sea International Company supported by the partners/board of directors.

3- Corporate guarantee: in the amount of 105.64 million riyals from: MSB Holding, a single-person company supported by the decisions of the partners/board of directors.