Zain KSA receives further extension on loan repayment

Zain Saudi Arabia has secured an agreement to delay the repayment of a US$2.6 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 November.

The company has already paid back US$750 million of the debt, and recently raised US$1.6 billion in a rights issue from shareholders.

Zain Group owns a 37 per cent stake in the company and failed in an attempt last year to sell its holding to Bahrain’s Batelco.