RSI's Subsidiary First Fix Secures $74.5M Credit Facility

Hayel Mhanna, Director of First Fix - KSA

Red Sea International Co. (RSI) announced that its subsidiary, First Fix, secured SAR 280 million in credit facilities through an Islamic funding and banking services agreement with Saudi National Bank (SNB). According to a statement on Tadawul, the funding term extends from November 5, 2024, to April 30, 2025.

The financing will support bid, advance payment, performance, and retention bonds essential for upcoming projects, along with letters of credit. The loan is backed by a promissory note from First Fix, with SAR 142.8 million guaranteed by RSI and SAR 105.64 million by MSB Holding. Both RSI and MSB Holding are related parties in the agreement.

Source: Eye of Riyadh