Zain KSA soars on extension of $2.4bn Murabaha facility
- Bahrain: Wednesday, January 30 - 2013 at 17:56
The Saudi Arabian Tadawul All-Share Index closed 0.22% higher at 7,043.55 Wednesday. Shares of Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, jumped 6.13% to SR8.65. Earlier in the day, Zain KSA said in relation to its announcement on Dec. 19 2012 that it had extended the maturity date of its syndicated Murabaha facility of approximately SR9bn ($2.4bn) to Jan. 30, the company announced that the syndicate of financiers under the Murabaha facility has unanimously consented to a further extension of the maturity date of the Murabaha Facility to Feb. 27 2013. Under the Islamic financing scheme Murabaha, a bank or a group of creditors buy an asset for the client and resells it to him at a higher price which he has to pay off in annuities over a fixed, pre-agreed period of time in order to circumvent interest payments which are prohibited under Shar'iah.
- Saudia to stop Jeddah-Kano service
- Oman Air first GCC carrier to order B737-900ER...
- Iran cancels local drilling rigs deal, to buy...
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by Mediaquest FZ LLC and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
Mediaquest FZ LLC can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of Mediaquest FZ LLC.
In no event shall Mediaquest FZ LLC be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.