Zain Saudi murabaha repayment saga drags on

Mobile telecommunications company Zain Saudi has once again extended the payment deadline of the outstanding Sr9bn ($2.4bn) on a Sr2.75bn murabaha financing as a refinancing deal remains elusive. This is the fifth time the firm has deferred payment.

  • 04 Jan 2013

The new payment date is January 30, 2013. This could be extended further, the borrower said late in December.

"The company intends to use the extension period to continue discussions towards the finalisation of a new long term financing agreement," added Zain.

In May, Zain hired Al Rajhi Bank, ...

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