RIYADH: Mobile Telecommunication Company Saudi Arabia (Zain KSA) signed a new SAR 2.25 billion Islamic Murabaha facility agreement to refinance its existing USD 599.8 million commercial loan with better terms reflecting the improvement in the company’s performances and the continuous trust and support of the core banking group participating in the transaction.

Creditors include a consortium of five banks including Al Rajhi Banking and Investment Corporation, Arab National Bank, Banque Saudi Fransi, First Abu Dhabi Bank PJSC (Saudi Branch) and SAMBA Financial Group. Credit facility duration is two years, with the option to extend it for one year at the Zain’s KSA request.

Purpose of the facility is to repay the existing facility with Commercial and Industrial Bank of China. [the_ad id=”31605″]