Zain Saudi extends 9 billion riyal loan for fifth time -bourse

JEDDAH, Saudi Arabia Wed Nov 28, 2012 11:11am EST

JEDDAH, Saudi Arabia Nov 28 (Reuters) - Zain Saudi extended the maturity of a 9 billion Saudi riyals ($2.4 billion) Islamic loan until December 19, it said in a bourse statement on Wednesday, making it the fifth time the loss-making telecom operator has deferred payment.

"The Company announces that it has been granted an approval from the lenders to extend the maturity date of the syndicated Murabaha facility until 19 December 2012 and could also be extended further," it said in a statement.

"The purpose of this extension is to allow the Company and its Lenders the opportunity to finalize a new long-term financing agreement to replace the existing one," it said. (Reporting by Asma Alsharif)