13 hours ago
Red Sea signs SAR 40M credit facility deal with SAB
Red Sea International Co. signed a Shariah-compliant financing agreement with Saudi Awwal Bank (SAB) to raise its credit facilities by SAR 40 million, bringing the total facility value to SAR 49 million.
In a statement to Tadawul, the company said it obtained the financing on Aug. 11, for a tenor of six months from the drawdown date. The facility will be used to finance the company's working capital.
Red Sea added that the financing is secured by a SAR 49 million promissory note signed by Red Sea International and a guarantee from Al-Dabbagh Group.
The increase supplements a SAR 9 million facility agreement signed between the two parties on May 1.
