Zain Saudi extends loan for a fifth time

29 Nov 2012

The Kuwaiti-owned Saudi cellular operator Zain Saudi Arabia has extended the maturity of a SAR9 billion (USD2.4 billion) loan for the fifth time as it continues to look for a replacement long-term loan facility. Originally due in June 2011, the syndicated murabaha loan has now been extended until 19 December, with further extensions still a possibility, Reuters reports. Zain Saudi has not made a quarterly profit since it began trading in 2008 and its total debt stood at SAR19.4 billion riyals as of 30 September 2012. To compound its problems, customer numbers dropped in the third quarter of this year, from 7.40 million at the end of June to 6.71 million three months earlier.

Saudi Arabia, Zain Saudi Arabia