Zain KSA OK’s Extension Of Loan Maturity

Mobile Telecommunications Company Saudi Arabia ( Zain KSA ), operator of the latest telecommunication network in the Kingdom, announced that it has agreed with its financing banks to an extension of the maturity date of its syndicated Murabaha facility, to Feb. 27, 2013.

The company said that it is seeking to improve its financial situation by negotiating a new long-term financing arrangement that is intended to replace the Murabaha Facility, which will allow Zain KSA and its financing banks additional time to finalize the implementation of such long-term financing arrangement, adding that the new facility could also be extended further, stressing that it will announce any subsequent developments relating to this agreement as they arise. Zain KSA ‘s Murabaha facility amounts around SR9 billion ( 2.4 billion) after the successful prepayment of SR750 million ($200 million) on Aug. 27, 2012.

Saudi Gazette