Zain KSA extends its commercial loan facility by one year
Zain KSA [7030.SE], a subsidiary of Zain Group [ZAIN.KW], announced the extension of its commercial loan facility for one additional year, according to a company disclosure. The loan, signed on 15 Aug 2016 with the Industrial Commercial Bank of China (ICBC), was used to replace an existing SAR2.25bn loan. The loan will now mature on 8 Aug 2019 as part of the company’s debt restructuring project and will continue to have the same terms and conditions. The company is expecting no material financial impact.
Zain KSA: SAR7.25 as of 19 Mar. 2018, Rating: Neutral, TP: SAR6.79/share, MCap: USD1,128mn, ZAINKSA AB/7030.SE
Zain Group: KWD0.47 as of 19 Mar. 2018, Rating: Buy, TP: KWD0.49/share, MCap: USD6,060mn, ZAIN KK/ZAIN.KW
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