01 Dec 2012
(MENAFN) Make-loss telecoms firm Zain Saudi has delayed the repayment of its USD2.4 billion debt for the fifth time, this time by 21 days, Reuters reported.
Lenders have agreed to defer the Islamic loan (murabha) maturity originally due in July 2011, until December 19.
Zain Saudi explained that the new delay was aimed at allowing it and its lenders the opportunity to finalize a new long-term financing agreement to replace the existing one.
Zain Saudi has not made a quarterly net profit since launching operations in 2008.
As of September 30, the company’s debts reached about USD5.2 billion, and it has struggled to compete against rivals Saudi Telecom Company (STC) and Mobily, which between them claim nearly 90 percent of the Saudi Arabia’s mobile subscribers.
Last month, Zain Saudi reported a 2 percent increase in quarterly loss from a year earlier, while for the nine months to September 30 its revenue fell 6 percent and costs rose 3 percent.
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more