Red Sea International, Al Rajhi sign SAR 330 mln agreement to finance acquisition

Red Sea International Co. signed on Sept. 28 a financing facility agreement contract worth SAR 330 million with Al Rajhi Bank.

The agreement aims to finance the acquisition of a 51% stake in Fundamental Installation for Electric Work Co. Ltd. (First Fix), the company said in a statement to Tadawul, adding that it obtained a loan of SAR 250 million to cover the purchase agreement's cash portion.

Source : Argaam