Saturday, Mar 02, 2013
BEIRUT (Zawya Dow Jones)--Mobile Telecommunications Co. Saudi Arabia (7030.SA) said a consortium of banks has extended to March 27 the due date of a nine billion Saudi riyals ($2.4 billion) syndicated loan owed by the company, the state-run Kuwait News Agency, or Kuna, reported Saturday.
The telecommunications company, also known as Zain Saudi Arabia, had succeeded in extending this Islamic murabaha loan a number of times since September.
The consortium is led by Banque Saudi Fransi (1050.SA), said the loss-making mobile phone and Internet-service provider, according to Kuna.
The company, an affiliate of Kuwait's Mobile Telecommunications Co. (ZAIN.KW), or Zain Group, said this extension came at a time when it has reached an advanced stage in completing the requirements to sign a new long-term financing agreement with the consortium.
Zain Saudi Arabia added that the new agreement will enhance its financial position and will offer it more flexibility to invest in upgrading its network, the news agency reported.
News agency website: http://www.kuna.net.kw/ArticleDetails.aspx?id=2295905&Language=ar
Write to Beirut Bureau at djnews.dubai@dowjones.com.
(END) Dow Jones Newswires
02-03-13 1444GMT
