Mobile Telecommunications Company Saudi Arabia (Zain) has extended its commercial loan facility signed with the Industrial and Commercial Bank of China (ICBC) for one additional year, the company said in a stock market filing.
The loan will mature on August 8, 2019, and the move falls under a wide-range debt restructuring program executed by the company. The extension has no material impact on the business, as the same terms and conditions apply, the company said.
In August 2016, Zain Saudi signed a separate SAR 2.25 billion, long-term loan agreement with ICBC, with aim to refinance outstanding debt.
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