Zain KSA’s Murabaha facility maturity date extended

Mobile Telecommunications Company Saudi Arabia (Zain KSA), operator of the latest telecommunications network in the Kingdom, has announced that it obtained consent from the syndicate of lenders to extend the maturity date of its Murabaha facility.
Further to the announcement made on Nov. 28, 2012, Zain KSA said in a press note on Wednesday that the syndicate of lenders of the Murabaha facility have unanimously consented to extend the maturity date of the Murabaha facility of SR 9 billion ($ 2.4 billion) to Jan. 30, 2013.
Zain KSA intends to use the extension period to continue discussions toward the finalization of a new long-term financing arrangement to replace the Murabaha Facility. Subject to the further consent of the lenders of the Murabaha facility, the maturity date may be further extended to a date after Jan. 30, 2013.
The company will announce any subsequent developments relating to this agreement as they arise.