Riyadh – Mubasher: The Fundamental Installation for Electric Work Company (First Fix), a subsidiary of Red Sea International Company increased its loan from Saudi Awwal Bank (SAB) to SAR 196.10 million, according to a bourse filing.
The unit obtained the additional financing, on 3 March 2024, to fund the purchase and import of goods for The AMAALA Triple Bay - Integrative Wellness Resort & Medical Residence.
The loan is secured by a promissory note worth the total loan value, a corporate guarantee valued at SAR 100.01 million from Red Sea, and a corporate guarantee of SAR 67.26 million from MSB Holding Company.
It is also backed by personal guarantees of SAR 19.21 million from Fares Esamet Abd Alsamed Al Saadi as well as SAR 9.60 million from Zeyad Alsayegh.
In October 2023, the listed company acquired a 51% stake in First Fix for an amount of SAR 544.17 million.
