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.
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