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.