DUBAI Dec 16 Kuwait's Zain said on
Sunday it paid 867.8 million riyals ($231.4 million) to Motorola
on behalf of its unit Zain Saudi to cover costs
related to a contract entered by the unit with the U.S. firm.
Zain said it made the payment on Dec. 12 to alleviate
financial burden from its Saudi unit and to support the
company's operations, it said in a bourse statement.
Zain Saudi has not made a quarterly net profit since
launching operations in 2008 and extended the maturity of a 9
billion riyals ($2.40 billion) Islamic loan for another 21 days
According to the statement, the amount paid covers services
that Motorola had provided the Zain unit in 2009 and agreed to
pay at a later stage.