Zain Saudi Arabia in talks with lenders

24 January 2010

Zain Saudi Arabia, 25% owned by Kuwait's Zain, has said that it is in talks with lenders after missing some commitments in 2009 on a two-year $2.5bn Islamic loan, Reuters has reported. The company said its creditors pardoned it under the condition they agree to a financial plan for 2010 which will be presented by the firm. In an interview with Al Arabiya television, Zain's chief executive, Saad al-Barrak said that the unpaid amount was related to performance ratios the company was supposed to deliver to banks, and not debt repayment.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications