Zain pays $231.4m bill for KSA unit

KSA unit gains support from parent company
Zain KSA remains mired in debt.
Zain KSA remains mired in debt.


Kuwait’s Zain Group has paid US telecom equipment maker, Motorola, SAR867.8m ($231.4m) on behalf of its Saudi Arabian operation, Zain KSA.

Zain made the payment on December 12 to assist the debt-laden Saudi Arabian operation, Reuters reported.

The sum paid by Zain Group covers services that Motorola provided to Zain KSA in 2009 and agreed to pay at a later stage, Reuters reported.

Last month, Zain KSA extended the maturity of a $2.4 billion loan for the fifth time. The loss-making telco deferred the maturity date of the Murabaha Facility for another 21 days, leading to speculation about its ability to service its debts.

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