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Zain KSA chief executive resigns

The Saudi Arabian Tadawul All-Share Index closed 1.45% higher at 7,878.74 on Sunday. Mobile Telecommunications Company Saudi Arabia, better known as Zain KSA, surged 2.75% to reach SR9.75. Earlier in the day, Zain KSA said that CEO Fraser Curley has submitted his resignation from his position on Sept. 01 due to "personal reasons". On July 29, Zain KSA successfully extended the maturity date of its syndicated $2.3bn (SR8.63bn) Murabaha facility for 5 years ending July 31 2018. The extension followed endless negotations between the telecom operator and its creditor banks "The facility has been restructured as an amortizing facility, 25% of which will be due during years 4 and 5 of the life of the facility, with 75% due at maturity," said Zain KSA.