Zain KSA extends $2.4bn Murabaha facility for the umpteenth time
- Saudi Arabia: Wednesday, February 27 - 2013 at 17:22
The Saudi Stock Exchange finished Wednesday trading 0.15% higher at 6,998.33 points. Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, dived 2.89% to SR8.40. Earlier in the day Zain KSA said the syndicate of financiers of the Murabaha Facility of approximately SR9bn ($2.4bn) has extended the maturity date of its syndicated facility to 27 March 2013, from Feb. 27. "The company is currently negotiating a new long-term financing arrangement that is intended to replace the Murabaha Facility and intends to use the extension period to conclude negotiations and finalise such long-term financing arrangement. Subject to the further consent of the Financiers, the maturity date may be further extended," said Zain KSA in a statement to its shareholders. Further announcements will be made in due course, added the telecom firm.
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