Zain Saudi extends loan for the sixth time

19 Dec 2012

The loss-making Saudi Arabian telco Zain Saudi has extended the maturity of a SAR9 billion (USD2.4 billion) Islamic loan for the sixth time, deferring payment for a further six weeks until 30 January 2013. The loan, which was originally due for repayment in July 2011, has been extended once again as Zain seeks a long-term replacement financing agreement. Zain Saudi had debts of SAR19.4 billion as of 30 September, and the company has failed to make a quarterly profit since it launched operations in 2008. It is part owned by Kuwait’s Zain Group.

Saudi Arabia, Zain Group, Zain Saudi Arabia