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Saudi Arabia’s Red Sea International Company said its subsidiary, The Fundamental Installation for Electric Work Co., has extended the period of the financial facility it signed with Riyad Bank, for an additional three years.
The value of the facility was reduced to 209.5 million riyals ($55.8 million) from SAR 237.8 million previously.
The loan will be used to prepay bonds and letters of credit.
(Writing by Brinda Darasha; editing by Daniel Luiz)
