FINANCIAL NEWS

Zain Saudi postpones USD600m facility repayment

04 Apr 2013

(MENAFN) Zain Saudi, a unit of Kuwait’s Zain, stated that it has delayed the repayment of a USD600 million facility from April 3 to May 1, reported Arabian Business.

The loss-making telecom operator said that it has extended the junior debt with the agreement of a lending syndicate led by a commercial bank, and now has nearly USD3 billion in loans maturing within the coming 4 weeks.

Furthermore, the company extended a USD2.4-billion murabaha facility last week to April 30, as the sharia-compliant cost-plus-profit arrangement was initially due in July 2011, but has been postponed several times.

It is worth noting that Zain Saudi, which started operations in 2008, hasn’t made any quarterly profit since it was first launched.

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