Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) on Sunday announced extending the commercial facility agreement to replace the current SAR 2.25 billion loan.

After extending the deal, its maturity date will be on 8 August 2019.

In August 2016, Zain signed this contract with the Industrial and Commercial Bank of China (ICBC) as part of its debts restructuring, according to a statement to the Saudi Stock Exchange (Tadawul).

“This ICBC loan continues to have the same terms and conditions and lower financing cost compared to the previous facilities; hence, there is no material financial impact,” the statement added.

The Saudi telecommunications provider turned profitable after posting SAR 12 million during the full-year 2017, against losses worth SAR 979 million a year earlier.

Zain’s stock inched up 0.14%, closing Sunday at SAR 7.25.