Logo ofRed Sea International Co.
Red Sea International Co.’s subsidiary, The Fundamental Installation for Electric Work Co., signed a one-year agreement for obtaining financial facilities with First Abu Dhabi Bank (FAB), with a standby limit of SAR 375 million. 
The purpose of these facilities is to allocate the standby limit for financing the company’s upcoming projects, the company said, in a statement to Tadawul.
The guarantees offered for the financing are as follows:
1- Promissory Note: SAR 375 million, signed by The Fundamental Installation for Electric Work Co. The guarantors are Red Sea International, MSB Holding One Person Company, Fares Esamet AlSaadi, and Zeyad Alsayegh
2- Personal Guarantee: SAR 18.38 million, signed by Zeyad Jean Alsayegh
3- Personal Guarantee: SAR 36.75 million from Fares Esamet Abd Alsamed AlSaadi.
4- Corporate Guarantee: SAR 128.63 million from MSB Holding Company Single Person LLC supported by partners / board resolutions, along with audited financial reports.
5- Corporate Guarantee: SAR 191.25 million from Red Sea International Co. Joint Stock Company supported by partners / board resolutions, along with audited financial reports.
The Fundamental Installation for Electric Work Ltd 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, according to the company.
The company also noted that Red Sea International Co. and MSB Holding Co. are related parties.
Logo ofRed Sea International Co.
Red Sea International Co.’s subsidiary, The Fundamental Installation for Electric Work Co., signed a one-year agreement for obtaining financial facilities with First Abu Dhabi Bank (FAB), with a standby limit of SAR 375 million.
The purpose of these facilities is to allocate the standby limit for financing the company’s upcoming projects, the company said, in a statement to Tadawul.
The guarantees offered for the financing are as follows:
1- Promissory Note: SAR 375 million, signed by The Fundamental Installation for Electric Work Co. The guarantors are Red Sea International, MSB Holding One Person Company, Fares Esamet AlSaadi, and Zeyad Alsayegh
2- Personal Guarantee: SAR 18.38 million, signed by Zeyad Jean Alsayegh
3- Personal Guarantee: SAR 36.75 million from Fares Esamet Abd Alsamed AlSaadi.
4- Corporate Guarantee: SAR 128.63 million from MSB Holding Company Single Person LLC supported by partners / board resolutions, along with audited financial reports.
5- Corporate Guarantee: SAR 191.25 million from Red Sea International Co. Joint Stock Company supported by partners / board resolutions, along with audited financial reports.
The Fundamental Installation for Electric Work Ltd 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, according to the company.
The company also noted that Red Sea International Co. and MSB Holding Co. are related parties.
