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FINANCIAL NEWS
Zain Saudi reschedules USD3b loans
01 May 2013
(MENAFN) Zain Saudi, a unit of Kuwait’s Zain, announced that it has extended the maturity on two loans worth a combined USD3 billion, reported Arabian Business.
The company, which had liabilities of USD5.19 billion at the end of 2012, said that the first USD2.4 billion Islamic loan was due on Tuesday, however, after reaching an agreement with lenders, it has been rescheduled to May 29.
It added that the additional time would be used to conclude negotiations with banks over a new long-term financing deal.
Furthermore, the second USD600 million facility, which was due on Wednesday, has been put back to June 5.
It is worth noting that Zain Saudi hasn’t reported a quarterly net profit since 2008, when it started services.
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