Zain Saudi Jumps Most Since March on Murabaha Maturity Extension

Mobile Telecommunications Co. Saudi Arabia (ZAINKSA) jumped the most in more than 10 months after the phone company known as Zain Saudi said investors approved extension of its 9.75 billion-riyal ($2.6 billion) Murabaha facility for an additional six months.

The shares surged 8.9 percent, its largest gain since March 13, to 6.70 riyals at the 3:30 p.m. close in Riyadh. The shares rallied 19 percent in four days.

Extension of the facility, which will now mature on July 27, “places the company in a better liquidity position to meet its financial and operational obligations in the near future,” Zain Saudi said in a statement to the Saudi bourse today.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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