Zain Saudi extended the maturity of a 9 billion riyals ($2.40 billion) Islamic loan for another six weeks on Wednesday, the sixth time the loss-making telecom operator has deferred payment.
The company, an affiliate of Kuwait's Zain, has agreed with lending banks to put back the maturity of the murabaha facility - a sharia-compliant cost-plus-profit arrangement - originally due in July 2011, until Jan. 30.
A longer term deal appears to remain elusive.
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