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FINANCIAL NEWS
Zain Saudi extends USD2.4b debt to January 30
20 Dec 2012
(MENAFN) Zain Saudi, a unit of Kuwait’s Zain, has deferred the repayment of the maturity of a USD2.40 billion Islamic loan for the sixth time, Reuters reported.
The loss-making company said it has agreed with its creditors to extend the maturity for another six weeks, until January 30, originally due in July 2011.
The firm said that through the extension, Zain Saudi and its lenders will be able to finalize a new long-term financing agreement to replace the existing one, the same reason when it previously extended the loan on November 28.
Zain Saudi has not made a quarterly net profit since launching operations in 2008.
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