On July 28, 2026, Red Sea International Company announced that its subsidiary, The Fundamental Installation for Electric Work Co., has signed an amendment to its financial facilities agreement with Saudi National Bank (SNB), increasing the facilities value from SAR 200,000,000 to SAR 430,780,737. The purpose of these facilities is to issue Advance Payment Bonds, Performance Bonds, and LC facilities. Guarantees provided include a promissory note of SAR 430,780,737 from The Fundamental Installation for Electric Work Co., corporate guarantees of SAR 219,698,175.90 from Red Sea International Company and SAR 147,757,792.80 from MSB Holding Company One Person Company, as well as personal guarantees totaling SAR 63,324,768.34 from two individuals. The financing duration extends to July 31, 2026, with Red Sea International Company and MSB Holding Company identified as related parties to the transaction.

Original announcement:

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