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Zain Saudi extends SR9bn loan maturity
- Saudi Arabia: Thursday, December 20 - 2012 at 00:22
Zain Saudi has extended the maturity of a SR9bn ($2.4bn) Islamic loan for another six weeks, the fifth time the telecoms operator has deferred payment, Reuters has reported. The loss-making affiliate of Kuwait's Zain has agreed with lending banks to put back the maturity of the murabaha facility, originally due in July 2011, until January 30. This extension aims to allow the company and its lenders the opportunity to finalise a new long-term financing agreement to replace the existing one, Zain Saudi said.
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