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.

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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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