Saturday, Jan 28, 2012
BEIRUT (Zawya Dow Jones)--Mobile Telecommunications Co. Saudi Arabia (7030.SA), or Zain KSA, Saturday said it has received investor approval of a 9.75 billion Saudi riyals ($2.6 billion) syndicated murabaha financing to extend the murabaha's maturity for an additional six months.
"The facility will now mature on July 27, 2012. The company has exercised an option, within the terms of the facility agreement, allowing it to extend the term of the loan, provided no prior events of default had occurred, and subject to the prior written consent of all investors," Zain KSA said in a statement posted on the Saudi bourse website.
The move will boost Zain KSA's liquidity position which will enable it to meet its financial and operational obligations in the near future, the mobile phone and internet services provider said in the statement.
Zain KSA is an affiliate of Kuwait's Mobile Telecommunications Co., or Zain Group, which holds a 25% stake in it, according to Zawya.com data.
Shares in Zain KSA trade +2.4% at SAR6.30 Saturday in an overall positive market.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
28-01-12 0903GMT
