Zain Saudi secures third extension on Sr9.75bn loan
Saudi Arabian mobile telecommunications company Zain Saudi has succeeded in extending the maturity of a Sr9.75bn ($2.6bn) Islamic financing for a third time. Lenders have agreed to allow the firm another two months to repay the joint murabaha, Zain said in a statement to the local stock exchange on Saturday.
Zain will now have until November 28 before the outstanding amount comes due again. The company said it paid back part of the loan, Sr750m, on August 27 and is working towards a long-term finance agreement.
Lenders initially agreed for Zain to extend the tenor by six months in
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