Zain KSA inks $600m refinancing deal

Refinancing deal helps Zain KSA fund capital projects and meet previous obligations
Zain KSA said the sharia compliant refinancing will help to meet
Zain KSA said the sharia compliant refinancing will help to meet

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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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