Saudi mobile operator Etihad Etisalat (Mobily) said on Sunday it would refinance a 1.5 billion riyal ($400 million) Islamic loan over a four-year period.

A statement on the Saudi bourse website said the short-term loan, taken out in 2008 to finance Mobily's acquisition of Bayanat al-Oula, would be transferred to a medium-term loan.

It named the banks involved as Samba Financial Group, National Bank, Riyad Bank and the Sabb, HSBC's Saudi affiliate.-Reuters