Home / / Zain KSA inks $600m refinancing deal

Zain KSA inks $600m refinancing deal

Refinancing deal will help Zain KSA fund capital projects and meet previous obligations.

Zain KSA inks $600m refinancing deal
Zain KSA said the sharia compliant refinancing will help to meet "previous obligations".

Zain Saudi Arabia, the country's third mobile operator, signed a two-year refinancing agreement worth SR2.25billion ($600m) to help fund its capital projects and meet "previous obligations", according to a report from Reuters.

The telco signed the agreement, which is Shariah compliant, with Saudi Arabian banks including Arab National Bank and Banque Saudi Fransi, on April 11, according to a statement posted on the Saudi Arabian bourse.

The deal came just two days after Zain Group confirmed that it had signed a term sheet agreement with Batelco and Kingdom Holding to sell its 25% stake in Zain Saudi Arabia.

 


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