RIYADH – Telecoms operator Zain Saudi said its third-quarter net loss widened, citing a move in call traffic from international to national calls, and added it was in advanced talks to refinance a loan worth SR9.75 billion ($2.6 billion). It expects to sign the refinancing deal in the fourth quarter after receiving additional time from lenders. The company is in “very advanced negotiations” with a syndicate of banks as well as potential investors to refinance the Islamic murabaha facility, Zain Saudi said in a statement. The facility, which was originally due in July, was extended to Nov. 28, the second extension by lenders. The company mandated Al Rajhi Bank (RJHI), Banque Saudi Fransi (BSFR), Arab National Bank (ARNB) and Standard Chartered Plc to refinance the loan, two bankers familiar with the matter said in May. Saudi Arabia's No.3 mobile company, an affiliate of Kuwait's Zain, made a net loss of SR493 million in the three months to Sept. 30. This compares with a net loss of SR484 million in the year-earlier period. – SG
