Mubasher: Mobile Telecommunications (Zain) announced that it has signed an agreement to refinance revolving credit facilities valued at $700 million.

Signed with a consortium of regional and international banks, the loan agreement has a repayment period up to five years, according to a bourse statement on Wednesday.

Zain noted that these credit facilities will be used in the group’s general business.

The telecom company, which is 21.9% owned to Omantel, noted that the financial impact cannot be determined in the current time.

At the stock level, Zain closed Wednesday’s session 1.71% higher at 476 fils after 4.77 million shares were traded at a value of KWD 2.26 million.