Zain KSA [7030.SE] announced that it had successfully refinanced its SAR2.25bn loan at a lower rate. The company signed a two-year commercial loan facility agreement, extendable by one additional year, with the Commercial Bank of China. The new loan facility bears a lower interest rate than the preceding one and should allow interest savings of cSAR175mn over the three-year period, according to the press release. The loan is unconditionally and irrevocably guaranteed by Zain, KSA’s parent, Zain Group [ZAIN.KW]. (Company disclosure)   Zain KSA: SAR7.14 as of 15 August 2016, Rating: Neutral, FV: SAR9.49 per share, MCap: USD1,111mn, ZAINKSA AB / 7030.SE Zain Group: KWD0.34 as of 15 August 2016, Rating: Buy, FV: KWD0.51 per share, MCap: USD4,827mn, ZAIN KK / ZAIN.KW