Red Sea International’s subsidiary, The Fundamental Installation for Electric Work Co (First Fix), has secured a banking facility with Saudi National Bank for financing of up to SAR 200 million ($53.3 million).
The new credit line, valid for one year, forms the renewal of an old facility agreement that previously allocated SAR 280 million.
The company opted to reduce the financing limit based on current requirements, Red Sea said on Wednesday.
The new financing will cover the issuance of advance payment bonds, performance bonds and letters of credit.
First Fix is a standalone contractor for mechanical, electrical and plumbing works.
Source: www.zawya.com