Zain Saudi signs $600m loan
Riyadh, June 5, 2013
Zain Saudi, the kingdom's third-largest telecom operator, has signed a 2.25 billion riyals ($600 million) Islamic loan guaranteed by its parent company.
The three-year murabaha facility - a sharia-compliant cost-plus-profit arrangement - will be used to refinance an existing deal which had been extended beyond its original maturity date, Zain Saudi said in a bourse statement.
Kuwait-listed parent Zain, which owns a 37 percent stake in the firm, has given "an unconditional and irrevocable guarantee" for the facility.
Four banks provided the loan - Arab National Bank, Banque Saudi Fransi, Gulf International Bank and Samba Financial Group.
Zain Saudi has a separate 9 billion riyals loan due later this month. The operator has rolled over the debt multiple times since its original maturity date in 2011. - Reuters
More IT & Telecommunications Stories
- Batelco wins ‘telecom deal’ award
- Samena summit focus on telecom issues
- US firm offers IT security software for SMBs
- US firm supplies biometric software to Saudi
- Du to support SMEs in Ajman
- Red Hat to launch new PaaS
- Egypt to offer unified telecoms licence soon
- Bahrain 'a key player in Nokia Mideast growth'
- Mobily App Store records 3m downloads
- Cyber threat spurs new drive to step up online security