Zain Saudi secures a fresh SAR2.25 billion three-year loan

6 Jun 2013

Saudi Arabia’s third largest telco in terms of subscribers Zain Saudi has announced it secured a new SAR2.25 billion (USD600 million) three-year borrowing facility, guaranteed by its parent company Zain Group. According to the statement posted on the Saudi Stock Exchange (Tadawul) website, the Islamic loan will be provided by four banks, including Arab National Bank, Banque Saudi Fransi, Gulf International Bank BSC and Samba Financial Group. The Sharia-compliant arrangement will be used to refinance the SAR9 billion Islamic loan which was originally due to be repaid in 2011, but which has been reimbursed numerous times, with the principle amount to be squared in one bullet instalment at the maturity date.

Saudi Arabia, Zain Group, Zain Saudi Arabia