Zain KSA Delays Repayment of Loan by Two More Months
Published on: 1st Oct 2012
Note -- this news article is more than a year old.
By: Ian Mansfield
Zain's Saudi Arabian subsidiary has secured an agreement to delay the repayment of a USD2.6 billion loan by a further two months while it raises the funds for the repayment.
The company has already delayed repayment from July to the end of September, but has now secured an agreement to delay repayment until the end of Novemeber.
The company has already paid back USD750 million of the debt, and recently raised USD1.6 billion in a rights issue from shareholders.
Zain owns a 37% stake in the company and failed in an attempt last year to sell its holding to Bahrain's Batelco.