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FINANCIAL NEWS
Zain Saudi reschedules payment of USD2.4b loan
31 Jan 2013
(MENAFN) Zain Saudi announced that it has postponed the payment of a USD2.40-billion Islamic loan for another 4 weeks, reported Gulf Daily News.
The loss-making telecom operator said that it has reached an agreement with its lenders to postpone the maturity of the murabaha facility, a Sharia-compliant cost-plus-profit arrangement, which was originally due in 2011 until the 27th of next month.
The company noted that it would use the additional time to conclude negotiations with banks over a new long-term financing deal.
Nevertheless, Zain Saudi stressed that the current facility could see additional postponement.
The firm, which has not reported any quarterly net profit since starting operations in 2008, inked a deal for the original USD2.59 billion facility in July 2009, and managed to repay USD199.95 million from part of the proceeds of 2012’s capital restructuring.
It is worth noting that this is the seventh time in which the unit of Kuwait’s Zain reschedules the payment of the loan.
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