Thursday, Mar 28, 2013
(This article was first published on Wednesday.)
By Ellen Knickmeyer
RIYADH (Zawya Dow Jones)--Mobile Telecommunications Co. Saudi Arabia (7030.SA) said Wednesday it had received the latest, one-month extension on repayment of a 9 billion riyal ($2.4 billion) syndicated loan from a consortium of banks.
The company, better known as Zain Saudi Arabia, also repeated past assurances that it expected to close negotiations soon with a group of banks for long-term refinancing of the loan in a statement on the website of the Saudi stock exchange.
The latest extension runs through April 30, said Zain Saudi Arabia, the country's third-largest telecom. It has repeatedly postponed repayment dates on the Islamic loan since securing it from Banque Saudi Fransi in 2009.
Saudi market rules on market capitalization compelled the parent company, Zain Kuwait, to increase its stake in Zain Saudi Arabia last year, from 25% to 37%.
Shares in Zain Saudi Arabia closed down 1.18% at SAR8.35.
Write to Ellen Knickmeyer at ellen.knickmeyer@dowjones.com
(END) Dow Jones Newswires
28-03-13 0348GMT
