Zain Saudi Arabia, part of Kuwait's Mobile Telecommunications Co., said Tuesday it secured a 9.37 billion Saudi riyal ($2.5 billion) Sharia-compliant loan to help cover its debts and expand.
The financing was provided by a syndicate of Saudi and international banks including Al Rajhi, Calyon and SABB, the company said in a statement on the Saudi bourse Web site.
The telecom operator incurred a net loss of 857 million riyals in the second quarter of 2009, almost three times the loss in the same quarter a year earlier, mainly due to capital expenditure, marketing, and consulting expenses to expand its network in the kingdom.
Zain, the kingdom's third mobile operator, was established and floated last year.END
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