A subsidiary of the Red Sea Bank, it renews an agreement with the National Bank for 200 million riyals
The Red Sea International Company announced that its subsidiary, the Primary Installations Company for Electrical Works, had signed a financial facilities agreement with the National Bank of Saudi Arabia.
The company said in a statement on its website "Saudi Arabia trading"It was agreed to renew the previous agreement for a period of one year.
It is worth noting that through this agreement, at the company’s request, the value of the facilities was reduced to 200 million riyals, after it was 280 million riyals in the previous agreement dated November 5, 2024.
She explained that the aim of these financial facilities is to issue final letters of guarantee and letters of guarantee for advance payment in addition to obtaining regular documentary credit financing. (Viewed and deferred).
She stated that the guarantees provided in exchange for the financing: A promissory note: 200 million riyals signed by the Initial Installations Company for Electrical Works, in addition to a corporate guarantee in the amount of 102 million riyals from: The Red Sea International Company supported by the partners, the Board of Directors’ decisions.
She indicated that the guarantees include: A corporate guarantee: in the amount of 68,600,000 riyals from: Meem Sin B Holding, the one-person company supported. By the decisions of the partners/board of directors.
The guarantees include: Personal guarantee: in the amount of 19,600,000 riyals from: Fares Ismat Abdel Samad Al-Saadi, and personal guarantee: in the amount of 9,800,000 riyals from: Ziad Jan Al-Sayegh.
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