Zain KSA extends SR9bn loan for 21 days
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Zain KSA extends SR9bn loan for 21 days

Zain KSA extends SR9bn loan for 21 days

Zain Saudi has extended yesterday the maturity of a SR9bn ($2.4bn) Islamic loan for another 21 days, the fifth time the loss-making telecom operator has deferred payment, Reuters has reported. The 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 December 19. The firm said the purpose of this extension was to allow it and its lenders the opportunity to finalise a new long-term financing agreement to replace the existing one.

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